In 2000, Boyd created a trust that would become effective on his death. In the trust instrument, Boyd specified that all of the income from his stocks and bonds be used for the benefit of St. John's Hospital and indicated that his brother Chad should administer the trust
a. What kind of trust is this?
b. What is Boyd with relationship to the trust?
c. What is the corpus of the trust?
d. What is Chad with relationship to the trust?
a . This is a testamentary charitable trust.
b. Boyd is the settlor.
c. The stocks and bonds are the corpus.
d. Chad is the trustee.
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Captions may appear ________________ the visual
a. less important than b. unconnected to c. without d. below or above
An assignee can compel the obligor to perform.
Answer the following statement true (T) or false (F)
Which of the following is not taxable for income tax purposes?
A) Interest income B) Income from a rental property C) Child support D) Dividend income from selling stock
The United States Constitution:
a. is unwritten b. cannot override any state or federal laws that go beyond what the Constitution permits c. overrides any state, but not any federal, laws that go beyond what the Constitution permits d. overrides any federal, but not any state, laws that go beyond what the Constitution permits e. none of the other choices is correct