CALIFORNIA TRUSTS AND ESTATES QUARTERLY
CALIFOR NIA TR U S T S A N D E S TAT E S Q U A RT E R LYII.THE CALIFORNIA THROWBACK TAXAPPLICABLE TO DISTRIBUTIONS OFPREVIOUSLY UNTAXED ACCUMULATEDTRUST INCOME TO CALIFORNIARESIDENT BENEFICIARIESBy Richard S. Kinyon, Esq.* and Kirsten Wolff, Esq.**I.INTRODUCTIONWhen an irrevocable, non-California resident, non-grantortrust distributes current net income to a California beneficiary,that beneficiary generally pays income tax on that income—bothfederal tax and California tax, up to the amount of the trust’sdistributable net income (“DNI”), and any undistributed netincome in excess of DNI is accumulated and not currently taxableby California. If the trust later distributes the undistributed netincome to a California resident beneficiary, that beneficiary willnot owe federal tax on that income. However, the beneficiarywill owe California tax on the income if: 1) the beneficiary wasalso a California resident during the year that the income wasaccumulated; and 2) the income was not previously taxable byCalifornia because the resident beneficiary had a contingentinterest in the trust (i.e., in the accumulated income). Thistax on distributions of accumulated income is known as the“throwback tax,” because California is effectively “throwing” theincome back to the prior period in which it was accumulated, ordeemed to have been accumulated, for the benefit of a Californiabeneficiary.This article focuses on the California throwback tax,which is not widely understood by practitioners or trusteesand beneficiaries of trusts.1 The Franchise Tax Board (FTB)regulations do not give guidance on how to determine theamount of accumulated income taxable to the beneficiary.Although the California Fiduciary Income Tax Return (Form541) and instructions do address the throwback tax, the formand instructions do not fully determine the application of thethrowback tax law. In this article, we explain our interpretation ofthe intent and application of that law, suggest a methodology fortracking accumulated income in non-California resident trusts toimplement the application of the law, and explore opportunitiesto plan around the tax.CALIFORNIA TAXATION OF TRUSTS ANDTHEIR BENEFICIARIES FOR CURRENTINCOMETo understand the application of the throwback tax, we beginwith a brief overview of California’s system of taxation of trustincome.2 Unlike many other states, California taxes the currentnon-California source income of a trust based on the residenceof the fiduciaries and the non-contingent beneficiaries. Theresidence of the settlor and the law governing the administrationof the trust are irrelevant for California income tax purposes.A. Taxation Based on Fiduciaries and Beneficiariesin CaliforniaCalifornia follows the federal rules for non-grantor trustsgenerally, so that any of the trust’s current net income that isdistributed (or required to be distributed) to a beneficiary istaxable to the beneficiary and deductible by the trust. However,California’s tax rate schedule applicable to the undistributed netincome of trusts (as well as estates) is the same as the scheduleapplicable to single individuals and married individuals filingseparately; there are no compressed tax-rate brackets, unlikethose applicable to trusts and estates under federal law.3 Californiataxes both short-term and long-term net capital gains at the samerates as ordinary income, both for trusts and beneficiaries.All the trust’s undistributed net income is taxable byCalifornia: (1) if it is California-source income (e.g., rent fromCalifornia real property);4 (2) if all the fiduciaries are Californiaresidents, in which case all the trust’s non-California sourcedundistributed net income is taxable; or (3) if at least one, but notall, the fiduciaries is a California resident, in which case the nonCalifornia sourced income is taxable in proportion to the numberof the fiduciaries who are California residents to the total numberof fiduciaries.5 For this purpose, a trust fiduciary generally is aperson who owes a duty directly to the beneficiaries and can besued by them for a breach of that duty, and typically includestrustees and other persons with fiduciary roles with respect toa trust.6In the case of a California-resident beneficiary, all or partof the trust’s remaining undistributed net income is taxableby California if one or more California resident beneficiarieshave a non-contingent (i.e., vested) interest in the trust.7 If allthe beneficiaries with non-contingent interests are Californiaresidents, all the undistributed net income is taxable byCalifornia. If at least one, but not all, the beneficiaries with anon-contingent interest is a California resident, only the portionof the undistributed net income allocable to beneficiaries who areCalifornia residents is taxable by California.Volume 18, Issue 2 201211
C ALIFORNIA TRUST S A N D E S TAT E S Q U A RT E R LYAlthough there is no clear authority on the definitionof contingent and non-contingent interests, in our view, abeneficiary should be treated as having a non-contingent interestin all or a portion of a trust if all or a portion of its undistributednet (accumulated) income will, sooner or later, be distributed toor for the benefit of the beneficiary or to the beneficiary’s estate,or the creditors of either. We believe that beneficial interests in theremaining accumulated income should be treated as contingent.In our view, whether a beneficiary’s interest in a discretionarytrust is contingent or non-contingent should be determined bythe nature of the beneficiary’s interest as set forth in the termsof the trust instrument, and should not change from year to yearbased on the distributions from the trust to a beneficiary in anyparticular year. Therefore, although a discretionary beneficiary,of course, has a non-contingent interest in any net incomedistributed to him or her, that does not make him or her a noncontingent beneficiary of the trust with respect to the trust’sundistributed net income. Good examples of trusts with noncontingent beneficial interests are: (1) “administrative trusts” (i.e.,revocable trusts that have become irrevocable as a result of thedeath of the settlors) and other so-called “terminating trusts”;(2) trusts for the benefit of minors that qualify for the gift taxannual exclusion8; and (3) trusts for the benefit of “skip persons,”structured to qualify for the GST tax annual exclusion.9B. Determination of Residency of Fiduciaries andBeneficiariesThe residence of an individual fiduciary or beneficiary isdetermined in the same manner as an individual taxpayer.10A California “resident” includes an individual who is: (1) inCalifornia for other than a temporary or transitory purpose; or(2) domiciled in California and outside the state for a temporaryor transitory purpose.An individual who spends in the aggregate more than ninemonths of the taxable year within California is presumed to bea resident, but this presumption can be rebutted by satisfactoryevidence that he or she is in California for a temporary ortransitory purpose.11 However, presence within Californiafor less than nine months of the taxable year does not create apresumption of nonresidency, unless the individual is present forless than six months as a seasonal visitor, tourist, or guest and ispermanently domiciled outside of California.12 Any person who isdomiciled in California is also a resident regardless of the periodof time he or she spends in the state. Domicile is the one locationwhere an individual has his or her principal home without anypresent intention of permanently leaving, and to which place heor she has, whenever absent, the intention of returning.13The residence of a corporate fiduciary of a trust is theplace where the corporation transacts the major portion of its12administration of the trust.14 Given the national presence of manycorporate fiduciaries, it is often unclear where the major portionof a corporate fiduciary’s administration of a trust takes place.Even the California FTB has conceded that the law does notprovide guidance as to what specific administrative activitieswill be considered in making this determination.15C. Alternative Tax on Receipt by Beneficiaries ofTaxable Income if Taxes Not Paid by the TrustIf tax is imposed on a portion of the trust’s accumulatednet income, but the tax is not paid when due and remainsunpaid when that income is later distributed to a Californiaresident beneficiary, or if such income is distributable to thebeneficiary before the taxes are due, such income is taxable tothe beneficiary.16III.ORIGIN OF CALIFORNIA’S THROWBACKTAX AND ITS APPLICATIONThe throwback tax applies when a trust that has accumulatedincome, all or some of which has not been taxed by California,makes a distribution of such accumulated income to a Californiaresident beneficiary who also was a California resident when theincome was accumulated. To understand and apply the rules thattax distributions of previously untaxed accumulated income, it ishelpful to review the historical origin of the throwback tax.A. Origin of California’s Throwback Tax LawConsider, first, this example of the problem that thethrowback tax is designed to solve: The John Smith Trust wasestablished in Nevada17 by John’s parents for the benefit of JohnSmith, a California resident who pays federal tax at the highestrate of 39.6% and California state tax at the highest rate of12.3%. The trust was an irrevocable non-grantor trust with noCalifornia fiduciaries and John is a contingent beneficiary. Overa five-year period, the trust had taxable income of 100,000. If ithad distributed the income currently to John, he probably wouldhave paid federal and state income tax of about 50,000. Instead,the trust accumulated the income and paid federal tax duringthat period of about 35,000, but no state tax. In the sixth year,the trust terminated and distributed the trust estate, includingthe accumulated income of about 65,000, to John. But for theCalifornia throwback tax, the income earned by the trust andaccumulated for the benefit of a California resident beneficiarywould go untaxed. California does not have jurisdiction to taxthe trust on its undistributed income currently,18 but it doeshave jurisdiction to tax the beneficiary on the accumulated netincome when it is later distributed to the beneficiary so long asthe beneficiary is a California resident at that time and also wasa California resident during the year of accumulation.19 In effect,Volume 19, Issue 4 2013
CALIFOR NIA TR U S T S A N D E S TAT E S Q U A RT E R LYthe throwback tax applies to net income that was accumulated inthe trust and would have been taxable if it had been distributedto John currently.California first adopted its throwback tax in 1963, toimpose a tax on a California resident beneficiary (such as JohnSmith in the hypothetical above) who received a distributionof accumulated income of a non-California resident trust thatwould make up for the tax the beneficiary would have paid if theincome had been distributed to him or her during the years inwhich the trust accumulated the income.20 However, it was notuntil 1983, 20 years later, that California law was amended toprovide that California would not follow the federal throwbackrules under IRC sections 665 through 668.21B. Application of the California Throwback TaxIn brief, the throwback tax provides that, if no taxes havebeen paid by a trust on its current or accumulated non-Californiasource net income because the California resident beneficiary’sinterest was contingent, such income is taxable to the beneficiarywhen distributed to him or her, if he or she (a) is then a Californiaresident and (b) also was a California resident during the year ofaccumulation.22 The portion of the income taxed by Californiabecause it is either California source income or there are oneor more resident fiduciaries is not subject to the throwback taxbecause it will be taxed currently to the trust.23The amount of the throwback tax is the aggregate of thetaxes that would have been paid with respect to the accumulatedincome had it been included in the beneficiary’s gross incomeratably for the year of the distribution and the five precedingtaxable years (or for the period that the trust accumulated oracquired income for that contingent beneficiary if shorter thanthat period).24The amount of the accumulated income that is taxable to thebeneficiary under the throwback tax seemingly should excludeany federal income taxes attributable to that income paid orpayable by the trust (because that amount is not available to beaccumulated and distributed later). Any income taxes paid orpayable to another state by the trust with respect to that incomeshould not be excluded, but the amount thereof should be allowedas a credit against the California tax.25 Although California lawdoes not specify these details of the throwback computation,the principles are partly derived from the more robust federalthrowback provisions,26 and are consistent with the overall goalof the California throwback tax to roughly approximate thetax that would have been paid by the beneficiary had the trustincome been distributed currently.The federal throwback tax rules expressly do not applyto these distributions of accumulated income for Californiapurposes.27 However, California provides no guidance regardingthe application of the California throwback tax rules. In our view,many of the federal rules are sensible and could be helpful ifapplied to the California throwback tax. For example, the federalrules specify a first-in, first-out method for determining the yearsto which accumulated income should be attributed,28 and how totreat accumulation distributions from one trust to another trust.29In the absence of any other guidance, we believe it is reasonableto follow the federal rules where appropriate.However, not all the rules applicable to the federal throwbacktax should be applied for California throwback purposes. Forexample, the California rule does not provide for interest to beimposed on the tax attributable to accumulation distributions,whereas federal law expressly imposes an additional charge toapproximate interest for the period of the accumulation.30 Moregenerally, the entire amount of an accumulation distributionto a beneficiary is taxable under the federal throwback rule,regardless of whether that person was alive and a U.S. residentat the time the income was accumulated, whereas the Californiarule is more limited in its scope (given the federalism restrictionson state taxation) and applies only to a distribution of incomeaccumulated in years in which the beneficiary was both aliveand a California resident.31There also are issues on which neither the federal norCalifornia rules are entirely clear: For example, it is unclearwhether income accumulated before the beneficiary reachedage 21 is taxable as to that beneficiary. The federal statuteprovides that the amount of accumulated income subject tothe throwback tax “shall not include amounts properly paid,credited, or required to be distributed to a beneficiary from atrust (other than a foreign trust) as income accumulated beforethe birth of such beneficiary or before such beneficiary attainsthe age of 21.”32 Since almost no U.S. trusts are subject to thefederal throwback rule, the exclusion for accumulations whilethe beneficiary is under age 21 would appear to have almost noapplication.33 Nevertheless, the federal form for reporting thethrowback tax instructs the beneficiary to subtract “distributionsof income accumulated before you were born or reached age 21”from the total accumulation distribution subject to the throwbacktax.34The California statute is entirely silent on the treatmentof accumulations before a beneficiary reaches age 21, and theCalifornia forms are inconsistent on this point. The instructionsto the fiduciary income tax form expressly state that “Californiadoes not conform to federal law to exempt from taxation thoseaccumulations occurring prior to a beneficiary turning age 21.”35Volume 18, Issue 2 201213
C ALIFORNIA TRUST S A N D E S TAT E S Q U A RT E R LYHowever, as pointed out in the previous paragraph, that federalexclusion apparently has almost no application. In addition, theform required to be completed by a beneficiary who receives adistribution of accumulated income instructs the beneficiary todeduct the income accumulated before the beneficiary attainedage 21 from the total amount to which tax is applied.36IV.PRACTICE TIP: TRACKING ANDESTIMATING ACCUMULATED INCOMEOne of the most challenging aspects of the throwback ruleis keeping records of the trust’s accumulated net income overtime to facilitate the application of the tax. We have attacheda set of schedules as Exhibits to this article, illustrating theapplication of the California throwback tax and suggesting aformat for maintaining records relating to a trust’s accumulatednet income. We have applied a first-in, first-out methodology tothe distribution of accumulated income in the example trust inthose schedules, which we believe to be a sensible methodology,notwithstanding that California has not adopted this approach forpurposes of determining the throwback tax.At the end of the article, we have included an example of acompleted schedule for a hypothetical trust (the “Smith FamilyTrust”), established before or during 1995, that: (1) accumulatedvarying amounts of income every year from 1995 through 2015,(2) made discretionary distributions of 100,000 of accumulatedincome every year from 2007 through 2015, (3) distributed allits remaining accumulated income in 2016, and (4) never paidany income taxes to another state (see “Exhibit A”). Next, wehave included a completed schedule which illustrates the waythe Smith Family Trust’s income that was accumulated from1995 through 2015 would be deemed to be distributed to thebeneficiary or beneficiaries of the trust, applying the first‑in,first‑out method of taxing accumulation distributions, duringthe years 2007 through 2016 (see “Exhibit B”).In many cases, the trustee of an irrevocable non-Californiaresident trust, whether or not it files California fiduciary incometax returns, may not keep track of the trust’s accumulated incomethat may be subject to the California throwback tax in futureyears. However, if copies of the trust’s federal fiduciary incometax returns37 are available, the amount of that accumulatedincome should be readily determinable. If the returns are notavailable, it still may be possible to determine the total amount ofa trust’s accumulated income prior to the earliest year for whichthe trust’s fiduciary income tax returns and/or other records areavailable, but it may not be possible to determine the amount thatwas accumulated each year.For example, if the income tax basis of all a trust’s assetsinitially transferred to a trust can be determined (e.g., from the14settlor’s gift or estate tax returns reporting the establishment ofthe trust and any additions to it), then the trust’s accumulatedincome prior to the earliest year for which the trust’s fiduciaryincome tax returns or other records are available will generallybe the difference between the income tax basis of all the trust’sassets at the end of that earliest year and the income tax basis ofall its assets initially transferred to the trust.Even where the income tax basis of all a trust’s assets initiallytransferred to the trust cannot be determined (e.g., where thesettlor’s gift or estate tax returns are unavailable), it still may bepossible to estimate the initial basis of all those assets. Assumingthat the trust distributes all income currently, the fair marketvalue at the time of funding could be estimated by determiningthe net fair market value of the trust assets for the earliest yearfor which records are available and projecting that value back tothe date on which the trust was funded, based on the averagegrowth of a typical trust corpus from that time to the earliest yearfor which the net fair market value of the trust assets is available.For example, suppose that: (a) the current net fair marketvalue of all the assets of an irrevocable non-California residenttestamentary trust at the end of 2015 (the earliest year for whichrecords are available) is 10,000,000; (b) the amount of itscash plus the income tax basis of all its other assets—readilymarketable securities consisting of about 60% equities and 40%fixed-income investments—was then 6,000,000; (c) the trustwas established with the residue of the estate of the settlor whodied near the end of 1975 (about 40 years earlier); (d) the trustis required to distribute all its net income currently; (e) the trusthad never distributed any principal; and (f) similar trusts holdingsimilar readily marketable securities would have been worthabout 1,000,000 in 1975. A reasonable estimate of the amountof the trust’s accumulated income as of the end of 2015 would be 5,000,000 ( 6,000,000 minus 1,000,000).V.PLANNING OPPORTUNITIES TO MINIMIZETHE APPLICATION OF THE THROWBACKTAXGiven the current dearth of guidance on the applicationof the California throwback tax rules, there are a varietyof situations as to which it is unclear how those rules shouldbe applied. Based on our views of an appropriate method forcalculating the throwback tax, certain situations enable trusteesto anticipate and plan for the throwback tax.A. Discretionary Accumulation TrustsFor example, discretionary accumulation trusts withmultiple beneficiaries may make distributions to beneficiariesresiding both in California and in other states. By applying theVolume 19, Issue 4 2013
CALIFOR NIA TR U S T S A N D E S TAT E S Q U A RT E R LYfirst-in, first-out method of taxing accumulation distributions,as discussed above, the accumulated income is treated as beingdistributed to the extent of the money or the basis of otherproperty distributed to a beneficiary, whether he or she is aCalifornia resident or not, the same as for current distributablenet income.38 For example, if a trust has substantial accumulatedincome and three beneficiaries, one of whom is a Californiaresident and two of whom are not, the trustee may be able todistribute the accumulated income to the non-California residentbeneficiaries first and distribute principal in a later year to theCalifornia resident beneficiary. In this way, the trustee may beable to minimize the amount of future throwback tax liability forthe California resident beneficiary.B. Trust to Trust DistributionsFor trusts with significant accumulated income, it maybe possible to reduce the amount of California throwback taxliability by making distributions of some or all the accumulatedincome to another non-California trust. This possibility is basedon the application of certain federal regulations to the Californiathrowback tax.39 Although, as noted in Subpart B of this Part III,above, the California statute provides that the federal throwbackrules do not apply, the instructions to California’s fiduciaryincome tax return expressly advise trustees to refer to the federaltreasury regulations under IRC sections 665 through 668 withrespect to reporting accumulation distributions from one trust toanother. These regulations provide that a distribution from onetrust to another trust is generally an accumulation distribution,regardless of whether: (1) the distribution is to an existing trust orto a newly created trust; and (2) the trust to which the distributionis made was created by the same person who created the trustfrom which the distribution is made or by a different person.401.Distributions to a California Resident TrustIf we apply the federal regulations to a distribution fromTrust A (a non-California resident trust) to Trust B (a Californiaresident trust41), we would conclude that this distribution is treatedas an accumulation distribution and, therefore, that at least part ofthat distribution would be subject to California’s throwback tax.For example, assume that Trust B also was a California residenttrust during the years in which the income was accumulated. Inthat case, one-sixth of the accumulation distribution receivedfrom Trust A would be included in Trust B’s gross income forthe current year and subject to tax in that year, and one-sixth ofthat distribution would be treated as having been included in itsgross income for each of its prior five taxable years. Trust B’sincreased tax liability attributable to the inclusion of a portion ofthe accumulated income in each of those years would be payableby Trust B in the current year.How would the throwback tax be calculated if Trust Bhad not been in existence during the prior five tax years? Thefederal regulations answer this question by providing that “[i]f abeneficiary was not in existence on the last day of a precedingtaxable year of the trust with respect to which a distribution isdeemed made under IRC section 666(a) [relating to the allocationof accumulation distributions to prior years on a first-in first-outbasis],” certain assumptions shall be made, including, amongother things, that the beneficiary: (1) was in existence on the lastday of the prior taxable years; and (2) had no income other thanany other amounts thrown back to those years.42 The examples inthe regulations expressly state that these rules also should applyto distributions to trusts: “If A [the beneficiary] were a trust orestate created after 1973 [the first year to which the accumulatedincome would be thrown back], the same assumptions wouldapply .”43Now, assume that Trust B is a newly formed Californiaresident trust (e.g., a trust established in the year Trust Adistributes accumulated income to it). Under the federalregulations, it is presumed that Trust B: (1) was in existence onthe last day of prior taxable years; and (2) had no income otherthan any other amounts thrown back to those years. Should wealso presume that Trust B was a California resident trust in theyears during which the income was accumulated? The federalregulations do not provide any guidance on this point. On the onehand, we might treat Trust B like a California resident trust inthose years if its initial trustee is a California resident and was aCalifornia resident in the years with respect to which the incomewas accumulated, even though the trust was not yet in existence.Under this approach, Trust B would compute the throwback taxdue in the year of the distribution by including the additional taxdue in the prior five years as a result of the inclusion of a portionof the accumulated income in each year. However, we might alsotake the position that a non-existent trust cannot be presumed tobe a resident of California (or any other state), and therefore thatTrust B should not be treated as a California resident trust. In thatcase, Trust B would include a portion of the accumulated incomein its current year income, but would not incur throwback tax onthe portion of the accumulated income attributable to the priorfive years.2. Distributions to a Non-California ResidentTrustIf Trust B is a non-California resident trust, then theaccumulation distribution received from Trust A would not betaxable to Trust B by California in the year of the distribution.No throwback tax would be due at the time of the distributionto Trust B, but would the accumulation distribution retain itscharacter as accumulated income for California purposes, orVolume 18, Issue 2 201215
C ALIFORNIA TRUST S A N D E S TAT E S Q U A RT E R LYwould it be “cleansed” such that it would be treated as principal atthe time of a future distribution to a beneficiary? We believe thatthe California throwback rule should be applied to determine thetreatment of the accumulation distribution received by Trust Bfor the purpose of taxing that income if later distributed byTrust B to a California resident beneficiary.second trust is to avoid capital gain distribution provisions.”45Although the referenced capital gain distribution provisions havebeen repealed, such a distribution might nevertheless be deemedan accumulation distribution by the first trust to an ultimatebeneficiary of the second trust if the primary purpose of thedistribution to the second trust is tax avoidance.46As noted above, California determines the tax liability withrespect to an accumulation distribution by treating the amount ofthe distribution as though it had been received by the beneficiaryevenly over the year of the distribution and the beneficiary’sprior five tax years and adding the aggregate amount of thebeneficiary’s additional tax liability attributable to the priorfive tax years to the beneficiary’s tax liability for the year ofthe distribution. Thus, Trust B would treat one-sixth of theaccumulation distribution received from Trust A as though it hadbeen received by Trust B in the year of the distribution and ineach of Trust B’s prior five tax years (whether or not Trust B wasin existence during those prior five years). This treatment wouldeffectively result in including one-sixth of the distribution fromTrust A in the gross income of Trust B for the year of distribution.That distribution would retain its character as income of Trust B.Thus, if any part of that one-sixth portion of the distributionis accumulated and later distributed to a California residentbeneficiary who also was a California resident in that year, itwould be carried out to the beneficiary as an accumulationdistribution and subject to California’s throwback tax at thattime. The remaining five-sixths of the accumulation distributionreceived by Trust B from Trust A (which were thrown back toTrust B’s prior five tax years), would not be taxable by Californiabecause Trust B is a non-California resident trust. Therefore, thisfive-sixths of the accumulation distribution would be treated ascorpus of Trust B and not be subject to the California throwbacktax when later distributed to a Califor
Although the California Fiduciary Income Tax Return (Form 541) and instructions do address the throwback tax, the form and instructions do not fully determine the application of the throwback tax law. In th
2.4.5 Trusts and agency 32 2.5 Classification of trusts 32 2.5.1 Private/public trusts 32 2.5.2 Fixed/discretionary trusts 33 2.5.3 Resulting trusts 33 2.5.4 Constructive trusts 34 2.5.5 Statutory trusts 34 2.6 Reasons for the creation of express trusts 34 Sample essay question 37 Further reading 37 3 THE ‘THREE CERTAINTIES’ TEST 39
Edward John & Dana Greeves Park Estates . James Hale Estates III Robert & Mary Stroupe Park Estates Martin (Marty) Madden Estates II Carmine & Barbara Anne Vena Estates I . II D Michael & Susan Uremovich Estates VII.2 Mario & Nadia Castaneda Estancias II D Denis & Camille Hallman Silver Mesa . William Prull & Jodi Vevoda Estancias II D .
2 Estates and Trusts Understanding Income Tax GIT-12 December 2020 Types of Estates and Trusts Nonresident estate or trust means an estate or trust that is not a resident. Resident estate means the estate of a decedent who was domiciled in New Jersey at the time of death. Domicile means the place and state you consider your permanent home. Resident trust
4 Income Taxation of Trusts and Estates Code Outline PART I, SUBCHAPTER J - Subpart A - Sec. 641-646 - General Rules - Subpart B - Sec. 651-652 - Simple Trusts - Subpart C - Sec. 661-664 - Complex Trusts and CRTs - Subpart D - Sec. 665-668 - Accumulation Distributions - Subpart E - Sec. 671-679 - Grantor Trusts - Subpart F - Sec. 681-685 - Misc. Rules
was necessitated by the need to limit the size of Equity & Trusts when 200 pages of new material were added to the fourth edition published in 2005. Its purpose is to draw together some of the key themes in express trusts law. ESSAY– THE NATURE OF EXPRESS TRUSTS 7.1 CONCLUSIONS ON THE NATURE OF EXPRESS TRUSTS 7.1.1 Giving and time
ADMINISTRATION OF ESTATES ACT 66 OF 1965 (English text signed by the State President) as amended by General Law Amendment Act 102 of 1967 Establishment of the Northern Cape Division of the Supreme Court of South Africa Act 15 of 1969 Administration of Estates Amendment Act 54 of 1970 Administration of Estates Amendment Act 79 of 1971
Civil Procedure, Conflict of Laws, Constitutional Law, Contracts, Criminal Law and Criminal Procedure, Evidence,Family Law, Real Property, Torts, Trusts and Estates (Decedents' Estates; Trusts and Future Interests), and Uniform Commercial Code (Secured Transactions) The Multistate Essay Exam -30% of your score
Form 1041 Department of the Treasury—Internal Revenue Service . U.S. Income Tax Return for Estates and Trusts. 2016. OMB No. 1545-0092 Information about Form 1041 and its separate instructions is at
