On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime
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On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on January 1, year 1, with the remainder interest to go to his son. Olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. Who is taxed on the trust’s year 1 income?
a. Olinto’s mother
b. Olinto’s son
c. Olinto
d. The trust
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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