QUESTION 7 Which of the following best describes the tax consequences associated with revocable trusts?...
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Accounting
QUESTION 7
Which of the following best describes the tax consequences associated with revocable trusts?
I. All assets are included in the beneficiarys gross estate.
II. The Grantor is responsible for the payment of income tax liability.
III. The Grantor does not make taxable gifts into the trust.
a. II only b. I and II
c. I and III
d. II and III
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