If a Transfer of Assets into Trust Is Complete for Gift

question 18

True/False

If a transfer of assets into trust is complete for gift and estate tax purposes, the trust is always held to be a separate, taxable entity.The transferor will not be taxed on any income generated by these assets after transfer into trust.

---

Definitions:

Ethical Absolutism

The belief in fixed, universal moral principles that apply to all situations and cultures, without exception.

Principle Of Understanding

A fundamental concept or guideline that aids in comprehending or grasping the nature or meaning of something.

Ethical Standards

Guidelines that dictate the conduct deemed acceptable and moral within a profession or organization.

Moral Wrongdoing

Actions or behaviors that are considered unethical or immoral based on societal or personal moral standards.