Which of the following statements is correct with respect to the preferred beneficiary election?

		This election is available for beneficiaries that are eligible for the disability tax credit, or who are eligible to be claimed by another individual for either the infirm dependant over 17 credit or the caregiver credit.
		A trust cannot deduct amounts that are paid or payable to a preferred beneficiary.
		A trust can deduct amounts allocated to, but not distributed to, a preferred beneficiary.
		The preferred beneficiary election is used when the trust wants to allocate 100% of its income to a particular beneficiary for one year.