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Financial Planner

Category - Tax Planning

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What trust has the personal exemption amount of $100?

Complex Trusts
Simple Trusts
Both A and B
Neither A or B

Explanation

Answer: A - Complex trusts have the personal exemption amount of $100. Complex trusts are considered trust that do not meet the definition of a simple trust Complex trusts can accumulate income, distribute principal to beneficiaries, and unlike simple trusts, can make charitable contributions. These trusts have a standard deduction of zero.

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