Justices Question NC Tax On Resident's Foreign Trust
Law360, Washington (April 16, 2019, 7:40 PM EDT) -- U.S. Supreme Court justices questioned Tuesday whether a North Carolina beneficiary's expectation of distribution from a trust gave the state taxing rights, even though its settlor and initial trustee were out of state and distributions weren't guaranteed.
The U.S. Supreme Court heard arguments Tuesday in a case about North Carolina's right to tax a trust whose beneficiary lived in the state, but whose settlor and initial trustee were out of state. (AP) The justices heard oral arguments in a case pitting North Carolina's Department of Revenue against the Kimberley Rice Kaestner 1992 Family Trust, whose beneficiary lived in North Carolina. The...
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