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The Prakash Trust is required to pay its entire annual accounting income to beneficiaries Sam and Janet. The trust's personal exemption is:


A) $0.
B) $100.
C) $300.
D) $600.

E) A) and B)
F) B) and C)

Correct Answer

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Generally, an administrative expense attributable to municipal bond interest should be claimed on the estate's Form 706.

A) True
B) False

Correct Answer

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The Griffin Trust makes a gift of long-term capital gain property to a qualifying charity. Griffin's entity­level deduction cannot exceed 30% of distributable net income.

A) True
B) False

Correct Answer

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