The Richard Tracy Trust was established on January 2, 2006. The trust property included dividends and interest receivable of $3,600. During the first six months, dividends and interest received in cash amounted to $54,000, and expenses chargeable to income were $9,300. In addition, common stocks were disposed of at a gain of $10,200, bonds were disposed of at a loss of $4,050, and shares of Provost Corporation common stock received as a 10% stock dividend were disposed of for $4,830. The income of the trust for the six months ended June 30, 2006, is:

Question

Quizplus · Accepted Answer

Rationale: ($54,000 - $3,600 - $9,300 = $41,100)

The Richard Tracy Trust Was Established on January 2, 2006