Identify which of the following statements is false.
A) The Uniform Act on principal and income requires depreciation to be charged against income.
B) State trust law preempts the trust document when defining income.
C) A statement in the trust instrument concerning the allocation of depreciation to principal or income overrides a provision of state law.
D) The Uniform Act allocates royalties to both principal and income.
Correct Answer:
Verified
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