Which of the following statements is CORRECT regarding the effect of the generation-skipping transfer tax on transfers in trust? A trust can be a skip person if all future trust distributions can only be made to skip persons. A trust can be a skip person if all current beneficial interests in the trust are held by skip persons. A trust can only be a non-skip person. A trust can be a non-skip person if any non-skip person holds an interest in the trust. A)I, II, and IV B)III and IV C)I and II D)III only
Which of the following statements is CORRECT regarding the effect of the generation-skipping transfer tax on transfers in trust? A trust can be a skip person if all future trust distributions can only be made to skip persons. A trust can be a skip person if all current beneficial interests in the trust are held by skip persons. A trust can only be a non-skip person. A trust can be a non-skip person if any non-skip person holds an interest in the trust. A)I, II, and IV B)III and IV C)I and II D)III only
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 23P
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Which of the following statements is CORRECT regarding the effect of the generation-skipping transfer tax on transfers in trust?
- A trust can be a skip person if all future trust distributions can only be made to skip persons.
- A trust can be a skip person if all current beneficial interests in the trust are held by skip persons.
- A trust can only be a non-skip person.
- A trust can be a non-skip person if any non-skip person holds an interest in the trust.
A)I, II, and IV
B)III and IV
C)I and II
D)III only
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