Complete the following chart, indicating the comparative attributes of the typical simple trust and complex trust by answering yes/no or explaining the differences between the entities where appropriate.

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Attribute Simple Trust Complex Trust Trust could incur its owntax liability for the year Trust generally distributes all of the DNI Trust can deduct its charitable contributions in the year of or the year after payment Trust could claim a foreign tax credit Maximum tax rate on net long-term capital AMT preferences and adjustments flow Trust can adopt the FIFO method for its gains 20% through to beneficiaries ratably inventory assets; the grantor had been using lower of cost or market Trust can use a tax year other than the calendar year Amount of personal exemption