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:

Employment At Will

A contractual relationship where an employee can be dismissed by an employer for any reason that is not illegal and without having to establish "just cause" for termination.

Express Contract

A legally binding agreement where the terms are stated clearly by the parties involved, either orally or in writing.

Disclosure

The act of making previously private or confidential information known to others.

General Public

The broad group of people in society who do not have a specific interest in particular topics or areas but are affected by or interested in general issues.