In 1989, Allen Davis established an irrevocable trust for 30 years, with the corpus reverting back to himself on termination. During the trust's existence, all capital gains go to corpus, and all the trust accounting income is to be distributed to his sons, George and Verne. What, if anything, is the grantor taxed on during the trust's existence?
A) All capital gains and trust accounting income
B) Nothing
C) Trust accounting income
D) Capital gains
Correct Answer:
Verified
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