Which of the following statements is incorrect?

A-The income tax rates applied to trusts and estates are highly compressed compared to income tax rates for individuals.

B-Form 1041 is the income tax return for most types of trusts and estates.

C-Form 1041 illustrates the conduit theory of income taxation since all taxable income received by an estate or trust is taxed twice, like a C corporation.

D-The taxation of estates and trusts is governed by Subchapter J of the Internal Revenue Code.