The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is located in a state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disbursements:
Dividends $10,000
Proceeds from sales of stock, including $10,000 of gain $40,000
Trustee's fee, all charged to income $ 500
CPA's fee for preparation of tax return $ 200
What is the trust's net accounting income?

Question

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The Answer of The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is located in a state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disbursements:
Dividends $10,000
Proceeds from sales of stock, including $10,000 of gain $40,000
Trustee's fee, all charged to income $ 500
CPA's fee for preparation of tax return $ 200
What is the trust's net accounting income?

The Governing Instrument for the Lopez Trust Contains No Definitions