In Bloomberg Tax's 6th annual Trust Nexus Survey, senior state tax officials answered questions addressing their general trust income tax policies, the constitutional limitations placed on their taxation of trusts, the taxation of nonresident and part-year resident trusts, the availability of credits for taxes paid to other states, state-source income for nonresident trusts, and the specific activities that determine whether a trust is taxed as a resident trust in their state.
With the lack of uniform trust residency laws across the states, double taxation becomes a concern for all those involved with the creation and administration of a trust. When a trust is a resident trust under a state's law, the state may tax the trust's entire income. Because trust residency laws vary greatly among the states, a trust may be considered a resident trust in more than one state. As a result, the trust is subject to tax on its entire income in multiple states.
This webinar covers the results of the 2018 Trust Nexus Survey and examines broad trends that emerge through the states’ responses.
Educational Objectives:
• Know the latest developments and trends regarding trust income tax nexus
• Identify the types of activities, which by themselves, might be sufficient to subject a trust to income tax as a resident trust in a state
• Understand the legal theories upon which the emerging state nexus doctrines are based
• Anticipate the nexus claims that may arise as a result of certain types of activities
• Compare the types of nexus policies adopted by the different jurisdictions
Who would benefit most from attending this program?
Executives, business leaders, state tax & finance professionals, tax counsel, and executives working on state tax issues.
