Unanimous High Court Says State Cannot Tax In-State Trust Beneficiaries

Mealey's (June 21, 2019, 11:36 AM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court on June 21 affirmed a North Carolina high court decision that the state could not tax in-state beneficiaries of a trust for undistributed income, holding that the trust did not have minimum contacts with the state because the resident beneficiaries could not demand income from the trust or enjoy its assets at the time they were taxed (North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust, No. 18-457, U.S. Sup.)....