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Buffalo have humps, but we prefer not to refer to them as "lovely lady lumps." It's kind of a sensitive issue.

(A) Trust Is a Beautiful Thing Drill

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  • 1.

    Aunt Peach decides to fund a trust for her niece, Lolly. She also decides to set up an account through which she can pay taxes on any income generated by the trust until Lolly is old enough to assume control. What type of trust does Aunt Peach establish?

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  • 2.

    The distributable net income is most commonly associated with which type of trust?