When a Contributor and a Government Agree That the Principle

question 39

True/False

When a contributor and a government agree that the principle and/or income of trust assets is for the benefit of individuals, organizations, or other governments, a private-purpose trust has been formed.

---

Definitions:

Misdemeanor

A criminal offense that is less severe than a felony and usually punishable by fines or short-term imprisonment.

Misdemeanor

A criminal offense less severe than a felony, usually punishable by a fine or short-term imprisonment.

Local Jail

A facility operated by a local government or law enforcement agency intended for the detention of individuals awaiting trial or serving short-term sentences.

Incarceration

The act of confining someone in a prison or other place of detention as a form of criminal punishment.