Unformatted text preview: Interest expense on money borrowed to acquire shares 1,000 For the 2010 year, the beneficiaries and the trustees jointly agreed that all but $5,000 of the interest received by the trust would be included in the beneficiaries' income. What is the taxable income to Mrs. Allen for the 2010 year from the trust? (a) $14,500 (b) $12,000 (c) $12,500 (d) $15,000...
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- Winter '11
- $5,000, $12,000, beneficiary, $12,500