Thursday, March 7, 2019
An amicus brief in The North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust was filed on March 1, 2019, with the Supreme Court by ACTEC. This is an important case dealing with the ability of a state to tax the income of an irrevocable nongrantor trust. The College took no position in the case, but instead, as noted in the brief, the brief was filed to:
“assist the Court in understanding the history and practice of state fiduciary income taxation as applied to accumulated income in nongrantor trusts and the complexities of such statutes in the context of the multi-state contacts common in today’s mobile society.”
Oral argument in Kaestner is set for April 16.
Special thank to Suzy Shaw for bringing this article to my attention.