Prepare the 2012 fiduciary.justanswer.com/multiple-problems/864qg-need-income-tax-return-completed-prepare-2012-fiduciary.html#”>incometax return (form 1041) for the Blue 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 Betty Blue. Omit all alternative minimum tax computations. The 2012 activities of the trust include the followingDividend income, all U.S. stocks $50,000.justanswer.com/multiple-problems/864qg-need-income-tax-return-completed-prepare-2012-fiduciary.html#”>Taxable interest income 30,000Tax-exempt interest income 20,000Fiduciary’s fees 4,000The trust and Betty both use the calender.justanswer.com/multiple-problems/864qg-need-income-tax-return-completed-prepare-2012-fiduciary.html#”>taxyear. Under the terms of the trust instrument, fiduciary’s fees are allocated to income. The trustee must distribute all of the entity’s accounting income to Betty Blue by February 15 of the following year. The trusteee followed this change and made no other distributions during the year. Fiduciary’s fees properly were assigned as an offset to taxable interest income. The trust was created on July 8, 1990. There are no tax credits for the year, and none of the entity’s income was derived from a personal services contract. The trust has no economic interest in any foreign trust. It’s Federal identification number is XXXXX The trustee, Hoover State Federal Bank, is located at 4959 Cold Harbor Boulevard, Mountain Brook, AL 35223. Its employer identification number is XXXXX XXXXX XXXXXves atXXXXX Birmingham, AL 35212. Her Social Security number is XXXXX
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