NJ Tax Stop: Where State Trusts Should Look For Tax Insight

By Jennifer Lota and Isabelle Jacobs (August 14, 2019, 5:36 PM EDT) -- In a recently issued unanimous yet narrow decision, North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust,[1] the U.S. Supreme Court held that where the sole connection of a trust to the state of North Carolina is the residency of the trust beneficiaries, the state's taxation of the undistributed trust income violates the due process clause.

The Kimberley Rice Kaestner 1992 Family Trust was formed by New York resident Joseph Lee Rice III, who named a trustee who was also a resident of New York. North Carolina sought to tax the trust, which was for the benefit...

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