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North Carolina Loses in Trust Tax Case, Supreme Court Rules

U.S. Supreme Court Rules in North Carolina Trust Tax Case

The Supreme Court ruled in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust that a state does not have the authority to tax a trust’s undistributed income solely because the beneficiary resides in that state. This case potentially had far reaching implications if the unanimous decision was ruled in favor of North Carolina. States often seek new avenues of revenue through taxation but The Kimberley Rice […]

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