Identify Which of the Following Statements Is False

question 37

Multiple Choice

Identify which of the following statements is false.

• A)For purposes of trust administration, the term "sprinkling" relates to the discretionary authority of the trustee to distribute income among various beneficiaries.
• B)The IRS may terminate an estate as a taxpayer after the expiration of a reasonable period of time for performance of the administrative duties.
• C)Assets in a revocable trust do not avoid probate.
• D)Assets in a revocable trust are included in the gross estate.

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Definitions:

Constancy

Refers to the psychological or physical stability or steadiness in a person or environment.

Monozygotic Twins

Identical twins that develop from a single fertilized egg, sharing identical genetic material.

Dizygotic Twins

Also known as fraternal twins, are siblings that develop from two different eggs fertilized by two different sperm, sharing about 50% of their DNA.

Concordance

In genetics, the presence of the same trait in both members of a pair of twins or in both members of a family, indicating genetic influence.