Trust tax return | Accounting homework help

Marion Mosley created the Jenny Justice Trust in 2005 with First Bank named as trustee. For 

20 years, the trust is to pay out all its income semiannually to the beneficiary, Jenny Justice. 

At the end of the twentieth year, the trust assets are to be distributed to Jenny’s descendants. 

According to the trust instrument, capital gains are credited to principal, and depreciation is 

charged to principal. For the current year the irrevocable trust reports the results shown on the next page.

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