Realizing that this was California as an example, but, indeed, most of the beneficiaries of this Florida trust do reside in California, where what you sent says:
And the trust has:
- Gross income is over $10,000
- Net income is over $100
- If so, I am not sure what net income means but if it is what we think is actually a loss, then perhaps there are no forms that need to be filed with California by the estate.
