A trust document does not define income or principal. The state in which the trust is operated has adopted the Uniform Act, including allocation of depreciation to income. The trust reports the following:
Net business profits $20,000
Net rental income 5,000
Proceeds from stock sale
(including $10,000 gain) 50,000
Trustee fee (charged to income) 2,000
Depreciation 3,000
What is the amount of the trust's net accounting income?

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The Answer of A trust document does not define income or principal. The state in which the trust is operated has adopted the Uniform Act, including allocation of depreciation to income. The trust reports the following:
Net business profits $20,000
Net rental income 5,000
Proceeds from stock sale
(including $10,000 gain) 50,000
Trustee fee (charged to income) 2,000
Depreciation 3,000
What is the amount of the trust's net accounting income?

A Trust Document Does Not Define Income or Principal