In 2014, Leon Lopez funded Lopez Trust #3, an irrevocable

In 2014, Leon Lopez funded Lopez Trust #3, an irrevocable trust, at First Bank, 125 Seaview, Northwest City, WA 98112, for the benefit of his twin children, Loretta and Jorge. The trust’s tax ID number is 74-1243565. The trustee, in its discretion, is to distribute income and/or principal to one or both of the beneficiaries and does not need to maintain separate shares. The trust is to terminate in 2025, when the beneficiaries reach age 35. Leon transferred corporate bonds and municipal bonds to the trust in January 2014. In 2017, the trustee distributed $8,600 to Loretta (whose address is 123 Maple Ave., Northwest City, WA 98115) and nothing to Jorge. Half of the trustee’s fee is to be charged to income and half to principal; gains and losses affect principal. Other current year information for the trust is as follows:

Interest from corporate bonds………………………………………….$9,200

Interest from municipal bonds…………………………………………. 6,800

Short-term capital gain on sale of bonds……………………………..300

CPA’s fee for preparation of prior year’s tax return………………525

Trustee’s fee ……………………………………………………………………….800

Estimated federal income taxes paid from principal…………..2,400

Prepare a Form 1041 and Schedule K-1 for the trust. Ignore the alternative minimum tax.

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