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At the close of the prior year, an individual taxpayer transferred assets into an irrevocable trust, retaining the right to the income from the trust for life. During the year, the assets earned ordinary dividends and interest income. The tax liability on the income earned will be paid

asked in Business by
A. Entirely by the trust.
B. Entirely by the individual taxpayer.
C. By the trust on the interest income only, and by the individual taxpayer for the dividend income.
D. By the trust on the dividend income only, and by the individual taxpayer for the interest income.

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answered May 14, 2022 by Localizer
 
Best answer
Answer: B. Entirely by the individual taxpayer.

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