Determine the Taxable Income of each beneficiary and calculate any effect the trust income will have on the Taxable Income of Trevor.

Last year, Trevor Carlisle transferred to a family trust, for no consideration, bonds that pay interest of $27,000 per annum. The beneficiaries of the trust are Trevor’s spouse, Carmen, and their two children, Mitch (16 years old) and Rhonda (22 years old). The beneficiaries have no income other than that from the trust. The trust income and capital gains are allocated equally and are payable to each beneficiary during the year. Total interest income earned by the trust during the year was $27,000. As well, a capital gain of $6,000 was realized on the trust’s disposition of one of the bonds that Trevor transferred into the trust. Determine the Taxable Income of each beneficiary and calculate any effect the trust income will have on the Taxable Income of Trevor. How would your answer change if Trevor died on January 1 of the current year? Ignore the possibility that some of the income received by the beneficiaries will be subject to the TOSI.

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