Answer ID 1618 | Published 05/06/2004 04:34 PM | Updated 11/14/2022 05:01 AM
When referring to estates and trusts, what is the difference between Corpus and Income?
Corpus is the principal or property of an estate or trust. It does not include the income it earns, receives or realizes from the corpus.
Income is earned by the estate or trust on its assets and could be realized in the following six classes of income:
1. Interest
2. Dividends
3. Net Income or Loss from the operation of a Business, Profession or farm
4. Net Gain from the Sale, Exchange or Disposition of Property
5 Net Income or Loss from Rents, Royalties, Patents or Copyrights
6 Estate or Trust Income.
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