A simple trust has ordinary gross taxable income of 20000, Financial Accounting

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A simple trust has ordinary gross taxable income of 20000

A simple trust has ordinary gross taxable income of $20,000. It also has $10,000 of capital gains which are allocated to trust principal under Florida's Principal and Income Act, Chapter 738, Florida Statutes. It pays a trustee fee of $5,000 which the trust agreement directs must be paid from trust principal. How much is the trust's accounting income? a. $15,000. b. $25,000. c. $30,000. d. $20,000.

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Financial Accounting: A simple trust has ordinary gross taxable income of 20000

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Financial Accounting: A simple trust has ordinary gross taxable income of 20000

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