A trust reports the following results:Dividend income$20,000Capital gains10,000Tax-exempt interest10,000Trustee fees3,000All of the items above are allocated to income. Calculate the maximum amount of trustee fees that are deductible.
What will be an ideal response?
($10,000/$30,000) × $3,000 = $1,000 allocated to tax-exempt income
$3,000 - $1,000 = $2,000 deductible
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