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When a trust distributes an in-kind asset with a realized loss, this loss most likely cannot be immediately deducted by the first-tier beneficiary.
Developmental Period
A phase of life characterized by specific types of growth or change in physical, cognitive, or social-emotional domains.
Emerging Adulthood
A phase of the human lifespan between adolescence and full-fledged adulthood which encompasses late teens through twenties, marked by exploration of identity.
Late Adolescence
The developmental stage, typically from ages 15 to 18, characterized by significant cognitive, emotional, and social changes as the individual transitions to adulthood.
Young Adulthood
A developmental stage typically covering individuals in their late teens to early forties, focusing on forming intimate relationships and establishing independence.
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