The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is locat state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disburse What is the trust's net accounting income?

Question

The governing instrument for the Lopez Trust contains no definitions of income and principal. The Trust is locat state that has adopted the Uniform Act. In the current year, the trust reports the following receipts and disburse  What is the trust's net accounting income?

Quizplus · Accepted Answer

The Answer is $10,000 - $500 - $200 = $9,300. The gain on the sale of stock and the rest of the sales proceeds constitute corpus.

The Governing Instrument for the Lopez Trust Contains No Definitions