Comparison of Trust Accounting Income, Distributable Net ...

[Pages:1]Comparison of Trust Accounting Income,

Distributable Net Income, and

Taxable Income

Trust Accounting Income Distributable Net Income

Income:

Taxable Interest

x

x

Tax Exempt Interest

x

x

U.S. Government Interest

x

x

Dividends

x

x

Partnership Income

x

x

Passive Loss Limitation

x

Other Estate or Trust Income

x

x

Rental Income

x

x

Royalty Income

x

x

Schedule C (Business Income)

x

x

Capital Gain (Loss)

Ordinary Gain (Loss)

x

x

Taxable Income

x

x x x x x x x x x x

Expenses:

Interest

x

Fiduciary Fees

y

Investment Fees

x

State Taxes

y

Federal Taxes

y

Real Estate Taxes

x

Personal Property Taxes

x

Loan Interest Payments

x

Loan Principal Payments

Depreciation

(x)

Depletion

(x)

2% Misc. Deduct. Limitation

x

Accounting/Attorney Fees

y

Expenses Allocate to Tax Exempt Income

x

Deductions:

Exemption

Charitable Deduction

x

Income Distribution Deduction

( ) = Depending on trust agreement or trustee's discretion y = Allocated between principal and income

but check state law

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

x

050903.Trustspreadincome

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