Identify Which of the Following Statements Is False

question 70

Multiple Choice

Identify which of the following statements is false.

• A) Assets in a revocable trust do not avoid probate.
• B) The IRS may terminate an estate as a taxpayer after the expiration of a reasonable period of time for performance of the administrative duties.
• C) For purposes of trust administration, the term "sprinkling" relates to the discretionary authority of the trustee to distribute income among various beneficiaries.
• D) Assets in a revocable trust are included in the gross estate.

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Definitions:

Dominant Species

In a community, a species that as a result of its large biomass or abundance exerts a major influence on the distribution of populations of other species.

Common Species

A term referring to species that are frequently encountered within their habitat or geographical area, often well-adapted to living in human-altered environments.

Community

An assemblage of different populations that live together in a defined area and interact with each other.

Keystone Species

Species that have a disproportionately large effect on their natural environment relative to their abundance, often influencing both ecosystem structure and biodiversity.