What statement pertaining to an inter vivos trust is FALSE?

a$)$ A transfer of property to an inter vivos trust for less than fair market value may result in the attribution of income to the transferor.

b$)$ Trust income retained in an inter vivos trust is taxed based on the same graduated system used for individual taxpayers

c$)$ The governing document for an inter vivos trust is a trust deed or indenture.

d$)$ An inter vivos trust can be an effective planning vehicle when the property held in the trust is not expected to generate significant amounts of taxable income each year.