High Court Should Affirm Kaestner State Trust Tax Case
Law360 (March 5, 2019, 1:50 PM EST) -- The U.S. Supreme Court will review the decision of the North Carolina Supreme Court in Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue. In that decision, North Carolina’s Supreme Court held that the Tar Heel State cannot tax the income of a trust created and administered outside of North Carolina, even though the trust’s beneficiaries reside in North Carolina.
The North Carolina court’s decision rests on two premises. First, the North Carolina court held that a trust is, at least in the tax context, a separate, corporate-like entity distinct from its beneficiaries. Second, under the minimum contacts-due...
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