The demand for petroleum decreases after its prices rise drastically. Customers begin to buy natural gas as it satisfactorily serves the same purpose as petroleum does. Petroleum and natural gas are ________

All of the following statements about trusts are true except

A. The income distributed to the beneficiary retains the same character as that earned by the trust. B. The net distributable income of a simple trust excludes capital gains distributions that are allocable to corpus under the terms of the governing instrument and applicable local law. C. The income distribution deduction is the greater of distributable net income or net accounting income. D. All of the taxable income that is not taxed to the beneficiaries is taxed to the trust.

Transfer warranties cannot be disclaimed with respect to checks

Indicate whether the statement is true or false