What are the tax consequences of trust account?

It depends on the terms of the trust. If the terms permit it, and the trustee agrees, yes. If not, and/or the trustee does not agree, then no.

The answer is no. A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".

An income tax trust is an investment that is based on an equity or property that you own. They often promise to pay out large amounts of money over time.

Yes, the trust is a separate legal entity just like a person, corporation or business and may own bank accounts in its name. In order to open an account, the trust must first obtain a taxpayer ID...

After the income tax return has been filed you can NOT change any of the account numbers.