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I have a Bypass Trust Fiduciary tax return that I will be preparing for 2004. This trust has mutual funds and deferred annuities. The trust language states that the income is paid at least annually to the beneficiary. It is pretty easy to determine the income from the mutual funds and the fixed deferred annuity, my problem is with the variable annuity which does not report the income like mutual funds do, I can't determine how much income, capital gains recognized, and unrealized gains. Does California Statues allow an allocation of principal and income and does it include unrealized gains and losses? Is there a good place to look up this information?
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