Which of the following is true regarding depreciation on a trust?

It is allocated in its entirety to an income beneficiary and reported on Schedule K-1

It is allocated in its entirety to the trust on Form 1041

It is allocated to the trust up to the amount of any reserve for depreciation for trust accounting purposes established by the trustee under the terms of the trust or applicable law

It is allocated solely based on the ratio of trust income allocable to the beneficiaries as compared to that retained by the trust