37. In June of year 1, Angelina (a calendar-year taxpayer) becomes the beneficiary of a new calendar-year
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37. In June of year 1, Angelina (a calendar-year taxpayer) becomes the beneficiary of a new calendar-year trust. At the same time, Angelina also becomes the beneficiary of an estate that elects a March 31 fiscal yearend.
During year 1, Angelina receives income distributions of $12,000 from the trust and $18,000 from the estate.
a. In which year does Angelina report the income from the trust?
b. In which year does Angelina report the income from the estate?
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