In Which Type of Trust Is Each Beneficiary Identified and Given

question 4

Multiple Choice

In which type of trust is each beneficiary identified and given an equal share in the trust?

• A) Implied trust.
• B) Specific trust.
• C) Fixed trust.
• D) Resulting trust.

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Definitions:

Checking Account

A bank account that allows for both deposits and withdrawals, often used by individuals and businesses for day-to-day transactions.

Accounts Receivable

Money owed to a company by its customers or clients for goods or services delivered or used but not yet paid for.

Form 1065

An IRS tax form used by partnerships in the United States to report their income, gains, losses, deductions, and credits to the IRS.

Partnership

A legal form of business operation between two or more individuals who share management and profits.