Lake Trust, a simple trust, reported the following items of income and expense during the year:

• Dividend income: $2,500
• Taxable interest income: 2,000
• Capital gains (allocable to corpus): 5,000
• Accounting fees (allocable to income): (500)
• Trustee fees (allocable to income): (750)

What is Lake's distributable net income?

Which of the following items is not normally taken into account in determining distributable net income of a simple trust?

Which of the following would be deductible for purposes of calculating DNI?

A distribution from estate income, that was currently required, was made to the estate’s sole beneficiary during its calendar year. The maximum amount of the distribution to be included in the beneficiary’s gross income is limited to the estate’s:

The standard deduction for a trust or an estate in the fiduciary income tax return is:

Peter created a trust and transferred property to it. He also retained certain interests. For income tax purposes, Peter was treated as the owner of the trust. Peter created what type of trust?