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The Allwardt Trust is a simple trust that correctly uses the calendar year for tax...

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Accounting

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The Allwardt Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each. For the current tax year, Allwardt reports the following. Ordinary income Long-term capital gains, allocable to corpus Trustee commission expense, allocable to corpus $795,000 238,500 39,750 a. Each beneficiary is entitied to receive income of 397,500 Feedback b. The trust's DNI is 755,250 c. The trust's taxable income is Feedback o x of gross income. d. Each of the beneficiaries can report

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