Business, 02.08.2021 18:20 Isabella1319

The Hatfield Trust is a simple trust. Norton is its sole beneficiary. In the current year, the trust earns $3,400 in nontaxable interest and $28,000 in dividend income. In addition, the trust recognizes a $10,000 casualty gain. The trustee assesses a fee of $5,000 for the year. a. If the trust agreement allocates fees as well as casualty gains and losses to corpus, trust accounting income is $
b. However, if the trust agreement allocates the fiduciary's fees to income, the trust accounting income is $

I tried using the DNI calculation to figure out the answers but I'm stumped, I'm not sure what I'm supposed to do with the 10,000 casualty gain. Can someone help me out?

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The Hatfield Trust is a simple trust. Norton is its sole beneficiary. In the current year, the trust...

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