2-A Directed Trusts
2-B Real Estate Tax Planning
This presentation will cover topics in real estate tax planning including itemized deductions, exclusion of gain on sale of principal residence, like-kind exchanges, rental property, passive activity losses, 199A – QBI deduction, qualified opportunity funds, and REITs.
2-C Kaestner Trust Decision: The Significance for State Income Taxation of Trusts
On June 21, 2019, in an unanimous decision, the United States Supreme Court held that the taxation of undistributed income from a trust by North Carolina based solely on the basis of the beneficiaries’ residence in the state violated the Due Process Clause of the Fourteenth Amendment. The opinion, although narrow, is highly significant in being the Supreme Court’s first attempt in many decades to address the increasingly important issue of state taxation of trust income. This program will provide an overview of the facts in Kaestner Trust, analyze the Supreme Court’s decision, and discuss the implications of the decision for state income taxation of trusts.