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complete the following chart indicating the comparative attributes of the typical si 699438

Complete the following chart, indicating the comparative attributes of the typical simple trust and complex trust by answering yes/no or explaining the differences between the entities where appropriate.

Attribute

Simple Trust

Complex Trust

Trust could incur its own tax liability for the

 

 

year

 

 

Trust generally distributes all of the DNI

 

 

Trust can deduct its charitable contributions

 

 

in the year of, or the year after,

 

 

payment

 

 

Trust could claim a foreign tax credit

 

 

Maximum tax rate on net long term capital

 

 

gains = 15%

 

 

AMT preferences and adjustments flow

 

 

through to beneficiaries ratably

 

 

Trust can adopt the FIFO method for its

 

 

inventory assets; the grantor had been

 

 

using lower of cost or market

 

 

Trust can use a tax year other than the

 

 

calendar year

 

 

Amount of personal exemption

 

 

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