A client asks about the relevance of state law in classifying items as principal or income. Explain the relevance.
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Q30: Yellow Trust must distribute 33% of its
Q31: List some common examples of principal and
Q32: A simple trust
A)may make charitable distributions.
B)may make
Q33: The personal exemption available to a trust
Q34: The exemption amount for an estate is
A)$0.
B)$100.
C)$300.
D)$600.
Q36: A complex trust permits accumulation of current
Q37: A trust document does not define income
Q38: A trust document does not define income
Q39: Identify which of the following statements is
Q40: Identify which of the following statements is
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