Question - The trustee of the Miguel Trust can distribute any amount of accounting income and corpus to the trust's income beneficiaries, Paula and George. This year, the trust incurred the following.
Taxable interest income $40,000
Tax-exempt interest income 20,000
Long-term capital gains-allocable to corpus 10,000
Fiduciary's fees-allocable to corpus 6,000
The trustee distributed $40,000 to Paula and $40,000 to George.
1. What is Miguels trust acctg income?
2. What is Miguel's DNI?
3. What is Miguel's taxable income?
4. How much gross income is recognized by each beneficiary?