Explain and account for the distinction between principal and income in the context of estate and trust accounting.

Define Executor.

What guidelines must be followed to classify a transaction as associated with the principal of an estate or as an income transaction? Select one: a.The decedent's intentions or state laws b.Generally accepted accounting principles c.The Internal Revenue Code d.State estate laws e.Federal estate laws

Briefly explain how tax loss carryback and carryforward procedureswork.