Trusts, Taxes and Trials: An In-Depth Look at the U.S. Supreme Court Kaestner Decision
The Supreme Court’s most significant trust tax decision in decades came in North Carolina Department of Revenue v. Kaestner Trust, which was a surprise to many practitioners and has important implications for estate and tax professionals, trust officers, trustees, and other advisers. In short, the Court held that a state may not impose its income tax on undistributed income of…