Question 23 4 pts Identify which of the following statements regarding the income taxation of trusts and estates is false O A conduit (pass-through or flow-through) approach applies in determining the character of income recognized by a beneficiary. O Essentially, an estate or trust is taxed on any income it earns, whether retained or distributed. O Many of the same rules that determine the calculation of taxable income for individuals apply to trusts O Trusts receive a personal exemption