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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.