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safezone safezone
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7 years ago
A trust document does not define income or principal. The state in which the trust is operated has adopted the Uniform Act, including allocation of depreciation to income. The trust reports the following:

Net business profits   $20,000
Net rental income   5,000
Proceeds from stock sale
   (including $10,000 gain)   50,000
Trustee fee (charged to income)   2,000
Depreciation   3,000

What is the amount of the trust's net accounting income?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
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That's not philosophy, it's geometry
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strwbrrystrwbrry
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Every man, wherever he goes, is encompassed by a cloud of comforting convictions, which move with him like flies on a summer day.
   --Bertrand Russell, 1950

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