Which of the following resources should be accounted for in a Private Purpose Tr

Question

Which of the following resources should be accounted for in a Private Purpose Trust Fund?
a. a gift received from a donor who stipulates in a formal trust agreement that the principal must be kept intact and the income must be used to beautify the state's parks
b. admissions fees that are legally required, based on state laws, to pay the debt service on the state's new museum and cultural center
c. dormant bank accounts that escheat to the state, with state laws requiring that the resources be held in perpetuity for the rightful owners
d. fees received by a state from insurance companies, representing charges for overseeing insurance companies located within the state

Explanation / Answer

Which of the following resources should be accounted for in a Private Purpose Trust Fund? a. a gift received from a donor who stipulates in a formal trust agreement that the principal must be kept intact and the income must be used to beautify the state's parks

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.