Tom,a Trustee,fraudulently Purchases Property with Trust Funds and Puts Title

question 59

Multiple Choice

Tom,a trustee,fraudulently purchases property with trust funds and puts title in his own name.What type of trust is created?

• A) Constructive trust
• B) Implied trust
• C) Express trust
• D) Resulting trust

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Definitions:

EIC

Earned Income Credit; a refundable tax credit in the U.S. for low to moderate-income working individuals and families, particularly those with children.

Qualifying Children

are dependents who meet certain conditions regarding relationship, age, residency, and support, affecting tax benefits.

AGI

Adjusted Gross Income, which is gross income minus specific deductions, used to calculate an individual's tax liability.

EIC

The Earned Income Credit, a refundable tax credit for low- to moderate-income working individuals and families, particularly those with children.