Which of the following is true (using the information from the course lecture notes):

		Estates and taxable gifts are taxed at a flat tax rate of 37%.
		Trust and estate income is taxed using a progressive tax rate structure with a maximum tax rate of 40%.
		Trust and estate income is taxed using a progressive tax rate structure with a maximum tax rate of 37%.
		Estates and taxable gifts are taxed at a flat tax rate of 40%.