All of the following statements concerning custodial, Ask an Expert

Accounting

All of the following statements concerning custodial accounts are correct, except:

Select one:

a. Under a UGMA, transfers are not limited to lifetime gifts

b. Income distributions from a § 2503(b) trust can be deposited in a UGMA or UTMA to postpone distributions until the beneficiary reaches his state’s age of majority.

c. A UTMA permits property transfers from trusts and estates

d. Under a UGMA and a UTMA the minor immediately acquires both legal and equitable title to the property.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92042517

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