Items 1 and 2 are based on the following:

Lyon, a cash-basis taxpayer, died on January 15, 2007. In 2007, the estate executor made the required periodic distribution of $9,000 from estate income to Lyon’s sole heir. The following pertains to the estate’s income and disbursements in 2007:

2007 Estate Income

$20,000

Taxable interest

10,000

Net long-term capital gains allocable to corpus

2007 Estate Disbursements

$5,000

Administrative expenses attributable to taxable income

For the 2007 calendar year, what was the estate’s distributable net income (DNI)?

  1. $15,000
  2. $20,000
  3. $25,000
  4. $30,000

Lyon’s executor does not intend to file an extension request for the estate fiduciary income tax return. By what date must the executor file the Form 1041, US Fiduciary Income Tax Return, for the estate’s 2007 calendar year?

  1. March 15, 2008.
  2. April 15, 2008.
  3. June 15, 2008.
  4. September 15, 2008.