Question #52 of 85 Question ID: 1251843Which of the following are correct statements about the nontax characteristics of a charitable lead trust?The income stream must be paid for the lifetime of the beneficiary.The grantor of the trust receives a charitable income tax deduction in the year the trust is funded.The trust must distribute the remainder interest in the corpus to a noncharitable beneficiary.The trust must distribute the remainder interest in the corpus to a charitable beneficiary. A)I and IV B)II and IV C)I and II D)II and III

A) The income stream must be paid for the lifetime of the beneficiary ,, this statement is wrong…

Answered: of a charitable lead trust? The income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question #52 of 85

Question ID: 1251843

Which of the following are correct statements about the nontax characteristics of a charitable lead trust?

The income stream must be paid for the lifetime of the beneficiary.
The grantor of the trust receives a charitable income tax deduction in the year the trust is funded.
The trust must distribute the remainder interest in the corpus to a noncharitable beneficiary.
The trust must distribute the remainder interest in the corpus to a charitable beneficiary.

I and IV

II and IV

I and II

II and III

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