Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

SCOTUS Review of N.C. Trust May Leave Minnesota Case in Flux

April 18, 2019, 2:04 PM

U.S. Supreme Court deliberations into North Carolina’s taxation of a family trust leave the outcome of a similar Minnesota case in limbo.

The cases, N.C. Dep’t of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust and Fielding v. Commissioner, center on the taxation of trust income based on where beneficiaries live. Rulings at the state level in each case came down on opposite sides, leaving room for the Supreme Court to make a decision with potentially wide-ranging impact in estate planning.

The Minnesota Supreme Court’s July 2018 ruling in Fielding determined that a beneficiary living in a state ...