Nora, age 25, just started working and would like to purchase life insurance to ensure that her spouse and child are protected if she dies prematurely. She has very limited funds but would eventually like to have permanent protection. Nora should consider purchasing

The trust agreement creating Trust X provides for all income of the trust to be distributed to the beneficiaries and requires a reserve equal to tax depreciation to be charged to income. If the trust has gross income of $30,000, expenses charged to income of $28,000, and depreciation of $3,000, how much depreciation can Trust X deduct?

A. $0 B. $300 C. $2,000 D. $3,000

Who is the beneficiary in a deed of trust transaction?

A) the creditor B) the debtor C) the trustee D) the trustor