Ward_ACCT424_Trust_Tax_Return

Cat no 11370h form 1041 2010 form 1041 2010 page 2

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Cat. No. 11370H Form 1041 (2010)
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Form 1041 (2010) Page 2 Schedule A Charitable Deduction. Do not complete for a simple trust or a pooled income fund. 1 Amounts paid or permanently set aside for charitable purposes from gross income (see page 25) 1 2 Tax-exempt income allocable to charitable contributions (see page 25 of the instructions) . . . 2 3 Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes 4 5 Add lines 3 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Section 1202 exclusion allocable to capital gains paid or permanently set aside for charitable purposes (see page 25 of the instructions) . . . . . . . . . . . . . . . . . . . 6 7 Charitable deduction. Subtract line 6 from line 5. Enter here and on page 1, line 13 . . . . . 7 Schedule B Income Distribution Deduction 1 Adjusted total income (see page 25 of the instructions) . . . . . . . . . . . . . . . 1 2 Adjusted tax-exempt interest . . . . . . . . . . . . . . . . . . . . . . . 2 3 Total net gain from Schedule D (Form 1041), line 15, column (1) (see page 26 of the instructions) . 3 4 Enter amount from Schedule A, line 4 (minus any allocable section 1202 exclusion) . . . . . 4 5 Capital gains for the tax year included on Schedule A, line 1 (see page 26 of the instructions) . . 5 6 Enter any gain from page 1, line 4, as a negative number. If page 1, line 4, is a loss, enter the loss as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Distributable net income. Combine lines 1 through 6. If zero or less, enter -0- . . . . . . . 7 8 If a complex trust, enter accounting income for the tax year as determined under the governing instrument and applicable local law . 8 9 Income required to be distributed currently . . . . . . . . . . . . . . . . . . . 9 10 Other amounts paid, credited, or otherwise required to be distributed . . . . . . . . . . 10 11 Total distributions. Add lines 9 and 10. If greater than line 8, see page 26 of the instructions . . 11 12 Enter the amount of tax-exempt income included on line 11 . . . . . . . . . . . . . 12 13 Tentative income distribution deduction. Subtract line 12 from line 11 . . . . . . . . . . 13 14 Tentative income distribution deduction. Subtract line 2 from line 7. If zero or less, enter -0- . . 14 15 Income distribution deduction. Enter the smaller of line 13 or line 14 here and on page 1, line 18 15 Schedule G Tax Computation
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