Bob Jones is sole beneficiary of a trust requiring that all income, but no corpus, be distributed currently. The trust's distributable net income for 2017 was $20,000, of which $4,000 is a long-term capital gain allocated to income and $2,500 is interest on tax-exempt municipal bonds. Jones received a $15,000 distribution on December 20, 2017, and the remaining $5,000 on January 10, 2018. Assuming Jones has no other income for 2017, his adjusted gross income should be
A. $20,000
B. $17,500
C. $15,000
D. $13,500
Answer: B. $17,500
Business
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