Identify Which of the Following Statements Is False

question 42

Multiple Choice

Identify which of the following statements is false.

• A) The Uniform Act on principal and income requires depreciation to be charged against income.
• B) State trust law preempts the trust document when defining income.
• C) A statement in the trust instrument concerning the allocation of depreciation to principal or income overrides a provision of state law.
• D) The Uniform Act allocates royalties to both principal and income.

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