24.LO.2, 3 The Allwardt Trust is a simple trust that correctly uses the calendaryear for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitledto the trust’s annual accounting income in shares of one-half each.Forthe current tax year, Allwardt reports the following.Ordinaryincome $100,000Long-termcapital gains, allocable to corpus 30,000Trusteecommission expense, allocable to corpus 5,000Usethe format of Figure 28.3 to address the following items.a.How much income is each beneficiary entitled to receive?b.What is the trust’s DNI?c.What is the trust’s taxable income?d.How much gross income is reported by each of the beneficiaries?25.LO.2, 3 Assume the same facts as in Problem 24, except that the trustinstrument allocates the capital gain to income.a.How much income is each beneficiary entitled to receive?b.What is the trust’s DNI?c.What is the trust’s taxable income?d. How much gross income is reported by each of the beneficiaries?29.LO.2, 3 The trustee of the Pieper Trust can distribute any amount of accountingincome and corpus to the trust’s beneficiaries, Lydia and Kent. This year, thetrust’s records reflect the following:Taxableinterest income $40,000Tax-exemptinterest income 20,000Long-termcapital gains—allocable to corpus 80,000Fiduciary’sfees—allocable to corpus 9,000Thetrustee distributed $26,000 to Lydia and $13,000 to Kent.a.What is Pieper’s trust accounting income?b.What is Pieper’s DNI?c.What is Pieper’s taxable income?d.What amounts are taxed to each of the beneficiaries?
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