Solved: The trust document requires one-fifth of the income to be, Accounting Basics

The trust document requires one-fifth of the income to be

Question - A trust has the following results:

Net tax-exempt interest $10,000

Net accounting income 64,000

Trustee fees charged to corpus 2,000

The Uniform Act is followed. The trust document requires one-fifth of the income to be distributed annually to David and the remainder of the income to Patty. What is distributable net income?

a. $74,000

b. $72,000

c. $64,000

d. $62,000

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Accounting Basics: The trust document requires one-fifth of the income to be

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Accounting Basics: The trust document requires one-fifth of the income to be

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