A Charitable Trust Is Not Valid If No Definitely Ascertainable

question 26

True/False

A charitable trust is not valid if no definitely ascertainable beneficiary is named and or if it is to continue for an indefinite or unlimited period.

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Definitions:

Liabilities Section

Part of a balance sheet that lists what a company owes, including debts, loans, and other financial obligations.

Classified Balance Sheet

A financial statement that separates a company's assets and liabilities into current and long-term categories, providing a detailed snapshot of the company's financial position.

Account Balances

The total amount of money in an account, calculated as the sum of all credits minus the sum of all debits.

Interest-Bearing Note

A debt instrument that pays interest to the holder until it reaches its maturity date.