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Question 5 True/False Joanna, a 17 year old university student, is the sole beneficiary of the Yo Yo Discretionary Trust. When the trust was set up by Joanna's mother, she added a clause to the trust deed to say that Joanna would not be entitled to any income or capital from the trust until she completed her university education in three years' time. If Joanna died, it was provided that any interest in the trust would pass to her heirs. Joanna is presently entitled to income arising from the trust.

Question 5 True/False Joanna, a 17 year old university student, is the sole beneficiary of the Yo Yo Discretionary Trust. When the trust was set up by Joanna's mother, she added a clause to the trust deed to say that Joanna would not be entitled to any income or capital from the trust until she completed her university education in three years' time. If Joanna died, it was provided that any interest in the trust would pass to her heirs. Joanna is presently entitled to income arising from the trust.

FINANCIAL ACCOUNTING
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 5 True/False Joanna, a 17 year old university student, is the sole beneficiary of the Yo Yo Discretionary Trust. When the trust was set up by Joanna's mother, she added a clause to the trust deed to say that Joanna would not be entitled to any income or capital from the trust until she completed her university education in three years' time. If Joanna died, it was provided that any interest in the trust would pass to her heirs. Joanna is presently entitled to income arising from the trust. Is the above statement true or false?
Transcribed Image Text:Question 5 True/False Joanna, a 17 year old university student, is the sole beneficiary of the Yo Yo Discretionary Trust. When the trust was set up by Joanna's mother, she added a clause to the trust deed to say that Joanna would not be entitled to any income or capital from the trust until she completed her university education in three years' time. If Joanna died, it was provided that any interest in the trust would pass to her heirs. Joanna is presently entitled to income arising from the trust. Is the above statement true or false?
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