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Distributable Net Income Practice Test
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Q1
Lake Trust, a simple trust, reported the following items of income and expense during the year:
- Dividend income: $2,500
- Taxable interest income: 2,000
- Capital gains (allocable to corpus): 5,000
- Accounting fees (allocable to income): (500)
- Trustee fees (allocable to income): (750)
What is Lake's distributable net income?
Lake Trust, a simple trust, reported the following items of income and expense during the year:
- Dividend income: $2,500
- Taxable interest income: 2,000
- Capital gains (allocable to corpus): 5,000
- Accounting fees (allocable to income): (500)
- Trustee fees (allocable to income): (750)
What is Lake's distributable net income?