If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
A) The definition of trust income in the trust document will preempt all other definitions.
B) Under state law, tax- exempt interest will not be allocated to income.
C) The definition of principal in the trust document must classify capital gains as principal.
D) The state law definition of trust income will preempt any other definitions.
Correct Answer:
Verified
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Q3: Revocable trusts means
A) the transferor may not
Q4: Beneficiaries of a trust may receive
A) a
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Q10: The executor or administrator is responsible for
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Q11: The term "trust income" when not preceded
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Q20: This year, the Huang Trust received $20,000
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