Which of the following are nontax characteristics of a qualified terminable interest property (QTIP) trust? I. The income may go to multiple beneficiaries. II. The donor or decedent's executor qualifies the trust assets for the marital deduction by making a timely election III. The principal of the trust is paid to the surviving spouse's estate if the election to qualify the assets for the marital deduction was not made upon creation of the trust. IV. The grantor of the trust determines who receives the remainder interest in the trust assets.

Which of the following are nontax characteristics of a qualified terminable interest property (QTIP) trust? I. The income may go to multiple beneficiaries. II. The donor or decedent's executor qualifies the trust assets for the marital deduction by making a timely election III. The principal of the trust is paid to the surviving spouse's estate if the election to qualify the assets for the marital deduction was not made upon creation of the trust. IV. The grantor of the trust determines who receives the remainder interest in the trust assets.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 15MCQ

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Which of the following are nontax characteristics of a qualified terminable interest property (QTIP) trust? The income may go to multiple beneficiaries. The donor or decedent's executor qualifies the trust assets for the marital deduction by making a timely election The principal of the trust is paid to the surviving spouse's estate if the election to qualify the assets for the marital deduction was not made upon creation of the trust. The grantor of the trust determines who receives the remainder interest in the trust assets. A)II, III, and IV B)I and III C)IV only D)II and IV
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