Kaestner Trust - Three Key Takeaways Regarding State and Local Taxable Income

On June 21, 2019 the United States Supreme Court issued its opinion for North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust. Not surprisingly, based on how oral argument went, the Court ruled that the Due Process Clause bars a state from taxing undistributed trust income when a trust’s sole connection to the state is the presence of in-state beneficiaries. Please see our State and Local Blog for further details on this alert

Latest Thinking

View more Insights
Insights Center
Knowledge assets are defined in the study as confidential information critical to the development, performance and marketing of a company’s core business, other than personal information that would trigger notice requirements under law. For example,
The new study shows dramatic increases in threats and awareness of threats to these “crown jewels,” as well as dramatic improvements in addressing those threats by the highest performing organizations. Awareness of the risk to knowledge assets increased as more respondents acknowledged that their