In which of the following situations would the grantor of a trust not be considered the owner?
- The grantor has a reversionary interest in the trust, of which the grantor’s son is the sole beneficiary, but the grantor cannot exercise this power until eight years after transfer of property to the trust.
- The grantor retains the power, with the consent of an adverse party, to control the beneficial enjoyment of the trust income.
- The grantor retains the right to revoke the trust at any time.
- The grantor retains certain administrative rights, but only with regard to investments in the trust designed to maximize income and with regard to the distribution of the income.