Identify which of the following statements is true.
A. The trustee of a Sec. 2503(c) trust must distribute all of the corpus and accumulated income when the beneficiary reaches the age of 25.
B. A "Crummey demand power" in a trust document allows the donor to demand a distribution from the trust in years in which assets are transferred to the trust.
C. The gift tax exclusion is available for a gift of a present or future interest.
D. All of the above are true.
Answer: B
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Wrongfully Dishonored Checks. Robert Parrett was the principal shareholder, president, and chief operating officer of P & P Machinery, Inc, a farm machinery business located in Nebraska. On March 1, 1984, Parrett signed and delivered a check from P & P
Machinery to a South Dakota firm. The check was dishonored by the bank even though P & P Machinery had sufficient funds in its account to cover the check. In addition, Parrett had a long-standing relationship with the bank as personal guarantor of corporate obligations to the bank and had never had any previous problems with the bank. As a result of the dishonored check, Parrett was charged with felony theft in South Dakota and extradited for trial in South Dakota. On learning that the bank had dishonored the check erroneously, the trial court dismissed the charge against Parrett. Parrett sued the bank for damages. The trial court held that Parrett had no standing to sue the bank because he was not the bank's "customer"—the corporation was. Will the appellate court agree that Parrett lacked standing to sue the bank? Discuss fully.
The first attribute of a subtype object is the childID attribute
Indicate whether the statement is true or false