<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">David:<div><br></div><div>Don’t forget that a beneficiary only realizes and recognizes DNI actually distributed from a trust and reported on a Schedule K-1. </div><div><br></div><div>Generally, losses are only recognized in the final year of the trust. </div><div><br></div><div>John Sullivan<br><br><div id="AppleMailSignature">Sent from my iPhone</div><div><br>On Feb 23, 2018, at 2:00 PM, David Sweeney <<a href="mailto:D.Sweeney@smithzuccarini.com">D.Sweeney@smithzuccarini.com</a>> wrote:<br><br></div><blockquote type="cite"><div>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Possibly you would have to look at the Washington Principal and Income Act?<o:p></o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#1F497D">David B. Sweeney
<br>
Smith & Zuccarini, P.S. <br>
2155-112th Avenue NE <br>
Bellevue, Washington 98004 <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Telephone: 425-453-4455 <br>
Direct Line: 425-990-1586 <br>
Facsimile: 425-453-4454 <br>
<a href="blocked::mailto:D.sweeney@smithzuccarini.com" title="mailto:D.sweeney@smithzuccarini.com"><span style="color:black">E-mail:D.sweeney@smithzuccarini.com</span></a>
<br>
<a href="http://www.smithzuccarini.com/" title="http://www.smithzuccarini.com/"><span style="color:blue">www.smithzuccarini.com</span></a>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>David Faber<br>
<b>Sent:</b> Friday, February 23, 2018 1:41 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] IRC Definition of "Income"<o:p></o:p></span></p>
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<p class="MsoNormal">I'm trying to find a definition of the term "income" (not "gross income") under the IRC. The "gross income" definition in IRC 61(a)(15) states that "income from an estate or trust" but does not provide any guidance on what "income" means
in that context. Can anyone tell me how "income" is defined independent of the term "gross"?<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Best,<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">David J. Faber<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Faber Feinson PLLC<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">210 Polk Street, Suite 1<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Port Townsend, WA 98368<br>
(360) 379-4110<o:p></o:p></span></p>
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</div></blockquote><blockquote type="cite"><div><span>_______________________________________________</span><br><span>WSBAPT mailing list</span><br><span><a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a></span><br><span><a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a></span></div></blockquote></div></body></html>