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If a trust has income required to be distributed of $11,500, other amounts paid or required...

If a trust has income required to be distributed of $11,500, other amounts paid or required to be distributed of $18,000 and tax exempt interest of $2,069 then what is the income distribution deduction reported on Schedule B Line 15

9, 431

11,500

17,931

18,000

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Answer #1

Calculation of Income distribution deduction reported on Schedule B, line 15

Allowable deduction is lesser of the following:

a) The distributable Net income.

b) The amount actually distributed or required to be distributed under the terms of the will.

Answer:

Lower of 11500 or 18000 = 11500

Less: Tax exempt income = 2069

Income distribution deduction reported on Schedule B, line 15 = 9,431

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