Fill in the blanks with the correct term from the list of terms provided.Do not use any term more than once.

\begin{array}{|l|l|}\hline \text { A. } & \begin{array}{l}\text { Specific properties of the trust are deemed to be sold and reacquired at their } \\\underline{\quad\quad},\text { realizing tax gains and losses on the deemed disposition. }\end{array} \\\hline \text { B. } & \begin{array}{l}\text { Capital properties (non-depreciable), land that is inventory, resource property, } \\\text { and } \underline{\quad\quad}\text { are deemed to have been disposed of on a trust's } 21 \text { st }\\\text { anniversary date. }\end{array} \\\hline \text { C. } & \begin{array}{l}\text { Properties can be transferred to the beneficiaries prior to the } 21^{\text {st }} \text { anniversary, at } \\\text { their }\underline{\quad\quad},\text { thereby deferring the tax effects. } \end{array} \\\hline \text { D. } & \underline{\quad\quad}\text { (is/are) exempt from realizing a deemed disposition of the } \\ &\text { properties at the first } 21 \text { Year anniversary. }\\\hline\end{array}

Which of the Following Statements Is TRUE Regarding Trusts

Multiple Choice