So if trust income is a mixture of dividend, capital gain and tax-free income (from muni bonds or principal), the ordinary income must be used up before the payout can be taxed as gain, and gain must be used before the payout can be tax-free.
FORBES: The new giving game
All income or loss would be separated into three buckets: tax credits, capital gain rate items, and ordinary income (all other items).
FORBES: Business Return Due Dates
Federal income tax law provides for the exclusion or deferral of gain from the sale or exchange of qualified small business stock (QSBS).
FORBES: California's State Tax Board Dims The Lights On Some Of Our Brightest Entrepreneurs
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