On January 1, year 1, Olinto created a $650,000 trust that provided his mother with a lifetime income interest starting on January 1, year 1, with the remainder interest to go to his son. Olinto expressly retained the power to revoke both the income interest and the remainder interest at any time. Who is taxed on the trust's year 1 income

c. Olinto

Explanation:

Multiple choice "a. Olinto's mother, b. Olinto's son, c. Olinto, d. The trust"

As the income tax rules mandate the liability to pay tax on trustees, the tax can be levied and recovered from a representative assesse i.e., the trustee who is Olinto. Olinto is a grantor and thus as per section 676, he must be taxed on the income generated through revocable trust.

answerindividual preferences are not revealed in the market for the good;

the correct answer for apex is “ doubling a recipe and figuring out how many cups of paint to use are both examples of using math skills”.