Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
Taxpayers and their advocates must know the limitations of a state's authority to impose tax on trust income. In this first part of a two-part series, Thomas W. “TJ” Aldous of Williams Mullen uses Virginia law as a lens through which to review basic principles regarding the nature of trusts and trust income, including triggers of trust income tax liability. The second part of the series, appearing next week, discusses constitutional issues related to imposing income tax on trusts and how to reconcile seemingly divergent court decisions.
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