[66] Gleim #: 18.3.109 With regard to a trust, which of the following statements is false? A. Generally, the trust is taxed on the income currently distributed and on the portion it has accumulated. B. A trust is a separate taxable entity. C. The income allocated to a beneficiary retains the same character in his/her hands as it had in the hands of the trust. D. If income is required to be distributed currently or is properly distributed to a beneficiary, the trust is regarded as a conduit with respect to that income.