Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Which of the following charitable trusts allow sprinkling provisions 1. CRATs 2. CRUTs 3. Pooled income fund. a. 1 only. b. 2 only c.

image text in transcribed

5. Which of the following charitable trusts allow sprinkling provisions 1. CRATs 2. CRUTs 3. Pooled income fund. a. 1 only. b. 2 only c. 1 and 2. d. 2 and 3. 6. Which of the following charitable trusts allow both term certain S 20 years and life annuiries 1. CRATs 2 CRUTs 3. Pooled income funds. a. I only. b. 2 only, c 1 and 2 1,2, and 3. d. 7. On January 15th, Mitch tranaSers property to a trust over which he recains a right to revoke one-fourth of the he retains a right to revoke one-fourth of the trust. Thetrusts to pay jennifer 5% of the trust assets valued annually for her life with the remainder to be paid to a qualified charity. On September 1st, Mitch dies and the tuse becomes irrevocable. Which of the following enasts does this qualify as? a A CRAT b. A CRUT c. A pooled incone fand. d. None of the above. to a crust over which he retains a right to revoke one-fourth of the tnast trum is to pay Patti y% of the trust asseta valued annually for her life with the remainder to be paid ro a 8. On January 15th. Linus tranafers property over w qualified charty. On September 1st, Linus dies and the tust becoemes irnevocable. Which catements isJare cerrect? 1. The trast is created January 15ch 2. The trust is created when it hecomes inevocable at Sepermber 1st 4 Linus receive.. charitable deduction equal eo the present valor of75% ofthe remainder interet. Linus receives a charitable deduction equal eo the present valor of 25% er the remainder intent a 1 cnly b. 1 and 2 c 3 only A Sand 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Corporate Finance

Authors: Richard Brealey

10th Global Edition

0071314172, 9780071314176

More Books

Students also viewed these Finance questions