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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.


Simple Trust

Complex Trust

Trust could incur its own tax liability for the






Trust generally distributes all of the DNI



Trust can deduct its charitable contributions



in the year of, or the year after,






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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