If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
A) The state law definition of trust income will preempt any other definitions.
B) The definition of trust income in the trust document will preempt all other definitions.
C) Under state law, tax-exempt interest will not be allocated to income.
D) The definition of principal in the trust document must classify capital gains as principal.
Correct Answer:
Verified
Q1: Revocable trusts means
A)the transferor may not demand
Q3: An inter vivos trust may be created
Q4: Identify which of the following statements is
Q5: Which of the following statements is incorrect?
A)The
Q6: The term "trust income" when not preceded
Q7: Beneficiaries of a trust may receive
A)an income
Q8: The executor or administrator is responsible for
Q9: A tax entity, often called a fiduciary,
Q10: A trust has net accounting income of
Q11: For purposes of trust administration, the term
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