Identify which of the following statements is false.
A) A trust receives no standard deduction when computing taxable income.
B) Trust tax preparation fees are miscellaneous itemized deductions and subject to the 2% nondeductible floor.
C) There is no limit on a fiduciary's charitable contribution deduction if such a contribution is authorized in the trust instrument.
D) All of the above are false.
B) Trust tax preparation fees are miscellaneous itemized deductions and subject to the 2% nondeductible floor.
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