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Need help with this Taxation Home Work

Please read the details carefully before sending me handshake. Thanks

 

 You can just fill out the forms mentioned in this problem( Form 1041 for the Green Trust and Schedule K–1 for Marcus White).

 

Prepare the 2012 fiduciary income tax return (Form 1041) for the Green Trust. In addition, determine the amount and character of the income and expense items that each beneficiary must report for 2012, and prepare a Schedule K–1 for Marcus White. Omit all alternative minimum tax computations. The 2012 activities of the trust include the following.
Dividend income, all qualified U.S. stocks $10,000
Taxable interest income 50,000
Tax-exempt interest income 20,000
Net long-term capital gain, incurred 11/1/12 25,000
Fiduciary’s fees 6,000
Under the terms of the trust instrument, cost recovery, net capital gains and losses, and fiduciary fees are allocable to corpus. The trustee is required to distribute $25,000 to Marcus every year. For 2012, the trustee distributed $40,000 to Marcus and $40,000 to Marcus’s sister, Ellen Hayes. No other distributions were made. 
In computing DNI, the trustee properly assigned all of the deductible fiduciary’s fees to the taxable interest income. 
The trustee paid $3,500 in estimated taxes for the year on behalf of the trust. Any 2012 refund is to be credited to 2013 estimates. The exempt income was not derived from private activity bonds.
The trust was created on December 14, 1953. It is not subject to any recapture taxes, nor does it have any tax credits. None of its income was derived under a personal services contract. The trust has no economic interest in any foreign trust. Its Federal identification number is 11-1111111.
The trustee, Wisconsin State National Bank, is located at 3100 East Wisconsin Avenue, Milwaukee, WI 53201. Its employer identification number is 11-1111111. Marcus lives at 9880 East North Avenue, Shorewood, WI 53211. His Social Security number is 123-45-6789. Ellen lives at 6772 East Oklahoma Avenue, Milwaukee, WI 53204. Her Social Security number is 987-65-4321. 

 

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