Question 24 of 75. How are carryovers (net operating loss and capital loss) generally treated in the final year of an estate? O Carryovers not absorbed in the final year are lost. O Net operating losses must be carried back two years on the final return. O Carryovers pass to the beneficiaries. O Capital losses are allocated to the estate only. Mark for follow up Question 25 of 75. At what point is an inter vivos trust considered to be funded? When the grantor: O Dies O Signs the document. O Provides for the transfer of property to the trust in their will Transfers to the trust the title of property to be held in the trust. Mark for follow up Question 26 of 75. A grantor trust allows the grantor to do all of the following, EXCEPT: O Revoke or modify the trust O Control the disposition of trust property O Distribute current income to the grantor or grantor's spouse. O Avoid taxation until the trust is revoked. Mark for follow up Question 27 of 75. When is income in respect of a decedent (IRD) taxed? preturn. O $714 is deductible. $1,000 is deductible. Mark for follow up Question 22 of 75. All of the following apply to a simple trust, EXCEPT: O It does not distribute principal. It must allow for principal distributions. O All income must be distributed currently. O It does not allow distributions for charitable contributions. Mark for follow up Question 23 of 75. If an onaning estate generates a capital loss during th