During the current year, a trust reports the following information:
What is the trust's accounting income?
B. $28,000
C. $34,000
D. $26,000
Choice "d" is correct. The accounting income of the trust (normally just called income in Subchapter J of the IRC) is calculated as follows:
The capital gain and trustee fee are not included in the trust's income since they are both allocated to corpus.
Choice "a" is incorrect. The $22,000 would not include the tax-exempt interest.
Choice "b" is incorrect. The $28,000 would include the capital gain, which is allocated to corpus.
Choice "c" is incorrect. The $34,000 would include the capital gain and the trustee fee, both of which are allocated to corpus.
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