Complete the following chart, indicating the comparative attributes of the typical trust and estate by answering yes/no
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Complete the following chart, indicating the comparative attributes of the typical trust and estate by answering yes/no or explaining the differences between the entities where appropriate.
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Attribute Estate Trust Separate income tax entity Controlling document Can have both income and remainder beneficiaries Computes entity accounting income before determining entity taxable income Termination date is determinable from controlling document Document identifies both income and remainder beneficiaries Generally must use calendar tax year
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Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates And Trusts
ISBN: 9781305399884
39th Edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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