Identify Which of the Following Statements Is False

question 105

Multiple Choice

Identify which of the following statements is false.

• A)State trust law preempts the trust document when defining income.
• B)The Uniform Act on principal and income requires depreciation to be charged against 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.

---

Definitions:

Trade Restrictions

Government-imposed limitations on the free exchange of goods and services between countries, including tariffs, quotas, and embargoes, often to protect domestic industries.

American Employment

Refers to the state of having a job or occupation within the United States, often analyzed in terms of employment rates, job creation, and labor market trends.

Importation

The process of bringing goods or services into one country from another for the purpose of trade.

Trade Freely

The ability to exchange goods and services without restrictive regulations, tariffs, or quotas, enabling a more efficient allocation of resources globally.