Identify which of the following statements is true.
A) The personal exemption available to a trust is adjusted annually based on changes in the consumer price index.
B) Income received by a trust beneficiary has the same character it had at the trust level.
C) Distributable net income (DNI) excludes tax-exempt income.
D) All of the above are false.
B) Income received by a trust beneficiary has the same character it had at the trust level.
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