A client asks about the relevance of state law in classifying items as principal or income. Explain the relevance.
What will be an ideal response?
In general, state law controls; however, in the event of a discrepancy, provisions in the trust instrument prevail over state law.
You might also like to view...
What is selective exposure and how can it be advantageous at times?
What will be an ideal response?
Written media are symbolic in that they are often perceived to show ______.
A. urgency and personal concern B. authority and legitimacy C. a desire for teamwork and collaboration D. goodwill and protocol
In a group, which of the following activities is undertaken by a group member playing the role of a reporter??
A) ?Preparing materials for submission B) ?Maintaining records of events and activities C) ?Making sure everyone gets to talk and be heard D) ?Keeping tensions low during meetings
Only a statement made after a contract is entered into can be an express warranty
Indicate whether the statement is true or false