LO.1, 2, 3 Complete the following chart, indicating the comparative attributes of the typical trust and estate by answering yes/no or explaining the differences between the entities where appropriate.

Attribute Estate Trust Separate income tax entity Controlling document Can have both income and remainder beneficiaries Computes entity accounting income before determining entity taxable income Termination date is determinable from controlling document Legal owner of assets under fiduciary’s control Document identifies both income and remainder beneficiaries Separate share rules apply Generally must use calendar tax year