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  3. the lilo trust incurred the following items during

The Lilo Trust incurred the following items during the year. ...

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Accounting

The Lilo Trust incurred the following items during the year.

Interest income, taxable

$70,000

Interest income, tax-exempt

30,000

Long-term capital gains

25,000

Trustee fee

2,000

The trust agreement provides that capital gains are allocable to income but is silent concerning the allocation of all other items. Calculate accounting income.

Group of answer choices

$96,000

$101,000

$124,000

$125,000

Answer & Explanation Solved by verified expert
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