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2021 AICPA & CIMA National Tax & Sophisticated Tax Conferences with Private Foundation Summit


SOP2102 - Where, Oh Where Is My Trust Taxed?


Nov 15, 2021 9:55am ‐ Nov 15, 2021 10:45am

Description

States use a myriad of criteria to determine whether a trust should be taxed as a resident trust for income tax purposes, and these criteria vary significantly from state to state.  This session will discuss the ways in which a trust can become subject to a state's income tax.  This session will also discuss the unforeseen tax issues when a trust has ties to several states, along with planning opportunities and practical considerations.

Learning Objectives:
  • Define 6 basic ways in which a trust can become subject to a state's income tax.
  • Summarize relevant case law, including the reliance, or lack thereof, on the Commerce Clause and Due Process Clause.
  • Utilization of credits when trust is taxed in several states.
  • Planning opportunities and practical considerations when trust is taxed in several states.

Speaker(s):

Category: Concurrent Session (Onsite and Online)

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