The governing instrument for the Spruce Trust does not defin…

The governing instrument for the Spruce Trust does not define income and corpus. The state in question has adopted a version of the Uniform Act similar to the allocations in Exhibit 30.6. In the current year, the Spruce Trust reports the following receipts and disbursements:        Dividends                                                                 $12,000    Proceeds from sale of stock,      including $20,000 of gain                                    70,000        Trustee’s fee                                                               1,000        CPA’s fee for preparation of tax returns                     300   What is the net accounting income for Spruce Trust? 

Maple Corporation, a calendar year S corporation, is owned e…

Maple Corporation, a calendar year S corporation, is owned equally by Arthur and Barbara. On March 31 of the current year (not a leap year), Barbara sells one-half of her shares to Charles. During the year, Maple reports ordinary income of $146,000 and a long-term capital gain of $36,500.  What is the allocation of income and long-term capital gain to Arthur, Barbara, and Charles assuming no special election is made?