AICPA每日一练之REG【2016-1-11】

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Pat created a trust, transferred property to this trust, and retained certain interests. For income tax purposes, Pat was treated as the owner of the trust. Pat has created which of the following types of trusts?

A. Simple.

B. Grantor.

C. Complex.

D. Pre-need funeral.

Answer:B

Choice "b" is correct. When the creator is treated as the owner of a trust, it is referred to as a grantor trust.

Choice "a" is incorrect. When the creator is treated as the owner of a trust, it is referred to as a grantor trust. Therefore, it is not a simple trust.

Choice "c" is incorrect. When the creator is treated as the owner of a trust, it is referred to as a grantor trust. Therefore, it is not a complex trust.

Choice "d" is incorrect. When the creator is treated as the owner of a trust, it is referred to as a grantor trust. Therefore, it is not a pre-need funeral trust.

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