Which of the following most accurately describes the difference between the treatment of a trade or business for an individual and for a trust or estate?

A trust or estate is not subject to self-employment tax on income arising from the active conduct of a trade or business

An estate is not subject to the passive activity rules with relation to the operation of a trade or business

Expenses of a trade or business are not deductible in computing the adjusted gross income of a trust or estate

Income from a trade or business is never subject to inclusion as net investment income under Section 1411 for a trust or estate