All of the following statements concerning custodial accounts are correct, except:

Select one:

a. Under a UGMA, transfers are not limited to lifetime gifts

b. Income distributions from a 2503(b) trust can be deposited in a UGMA or UTMA to postpone distributions until the beneficiary reaches his states age of majority.

c. A UTMA permits property transfers from trusts and estates

d. Under a UGMA and a UTMA the minor immediately acquires both legal and equitable title to the property.