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In relation to calculation of trust income which of the following statement is incorrect?Question 1 6 Select one:Both Australian and foreign source income and related

In relation to calculation of trust income which of the following statement is incorrect?Question 16Select one:Both Australian and foreign source income and related deductions must be taken into accountThe character of a receipt for tax purposes cannot be determined by trust law or the terms of the trust deedThe trustee is required to use generally accepted accounting principlesWhere the deductions exceed the assessable income, the loss is distributed among the beneficiaries or the trustee representing corpus

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