Maia creates a trust for her friends. The trust says that Larry is entitled to the income from the trust during his lifetime but no principal. The remainder goes to Peter when Larry passes away. David is to receive a one-time specific bequest of $50,000. At the end of the trusts first tax year the trustee distributes $50,000 to David and $100,000 to Larry.

Check all the following that are true:

___ This is a complex trust.

___ Peter could be liable for some DNI in year one.

___ David will not be included in the DNI calculation.

___ We need to know the total value of the trust before making the DNI calculation.