Bob is creating an irrevocable trust for the benefit of his five children. He is thrilled that by making the trust both defective and irrevocable, the trust will have all but which of the following characteristics?

He is thrilled that by making the trust both defective and irrevocable, the trust will have all but which of the following characteristics?
Question 17 options:

Trust property will not be includable in his estate for estate tax purposes

Transfers to the trust will be completed gifts

Trust income will be taxed to the trust at compressed income tax rates

Appreciating assets can be sold to the trust for an installment note