Which of the following statements concerning pooled-income funds is (are) correct?

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Which of the following statements concerning pooled-income funds is (are) correct?

L. A pooled income fund is similar to a mutual fund maintained by a qualified charity.

ll. It is an irrevocable arrangement in which the remainder interest passes to charity.
A . l only
B . II only
C . Both l and ll
D . Neither l nor ll

Answer: C