The Biltmore Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the

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The Biltmore Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the trust earns $3,200 in taxable interest and $8,000 in tax exempt interest. In addition, the trust recognizes a $2,500 long-term capital gain.

The trustee assesses a fee of $1,800 for the year.

a. Compute trust accounting income, where the trust agreement allocates fees and capital gains to corpus.

b. Same as (a), except that fees are allocated to income.

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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

ISBN: 9781305399884

39th Edition

Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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Question Posted: Sep 09, 2015 07:17 AM

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The Biltmore Trust is a simple trust. Crawford is its sole beneficiary. In the current year, the

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South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts

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