All trusts, except tax-exempt trusts,
A. Must adopt a calendar year, except for existing trusts with fiscal years that ended in 1987.
B. May adopt a calendar year or any fiscal year.
C. Must adopt a calendar year regardless of the year the trust was established.
D. Must use the same tax year as that of its principal beneficiary.
Answer: C. Must adopt a calendar year regardless of the year the trust was established.
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