Question 3 (1 point) Saved There is a ceiling regarding the eligible maximum donation that a taxpayer may claim in a taxation year. That ceiling is 75% of net income reported except in the year of death when it is 100% of net income. True False Question 4 (1 point) Betty is the sole beneficiary of a testamentary trust established by her uncle Henry, With regards to the transfer of assets into and out of the trust, which of the following statements is/are true? 1. Property transferred into the trust by Henry's estate is deemed to have been acquired by the trust at the estates ACB at the time of the transfer. 2. Property may be transferred from the trust to Betty at the trust's ACB. 3. The trust can elect to pay the capital gain at the time assets are transferred from the trust to Betty, whereby Betty's ACB for the assets is established as the FMV at the time of the transfer 4. There will always be double taxation when assets transfer between the trust and Betty, but Betty can reclaim the excess tax when she disposes of the assets. 1 and 3 only. 2 only. 1.2. and 3 only