U.S. Supreme Court To Hear Key Income Tax Issue For $120 Billion Trust Industry

  The U.S. Supreme Court has announced it will hear a trust tax case that has significant implications for states and trust beneficiaries: Hundreds of millions of dollars of annual tax revenue hang in the balance. “It’s a big development,” says Carol Harrington, an estate lawyer with McDermott Will & Emery. The question posed in North Carolina Department of Revenue v. the Kimberley Rice Kaestner 1992 Family Trust is: Does the due process clause prohibit states from taxing trusts based … Continued