North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust: United States Supreme Court Rules for Taxpayer in Trust State Income Taxation Case

Sullivan & Cromwell LLP - June 28, 2019

On June 21, 2019, the United States Supreme Court ruled that the presence of in-state beneficiaries alone does not empower a state to tax trust income where the income has not been distributed to the beneficiaries and the beneficiaries have no right to demand the income and are uncertain to receive it.