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State Taxation of Trusts: Credit for Taxes Paid to Other States


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The state income taxation of trusts and estates has become an increasingly complicated and challenging task for trustees and their tax advisers. Trust portfolios have moved from traditional “stock and bond” allocations to investments in real estate, private equity, venture capital, and hedge funds. This migration toward more sophisticated investment holdings has increased the complexity of federal and state income taxation and related tax return preparation. Simple investment statements and Forms 1099 have been replaced with complicated Schedules K-1, many of which include pages of supplemental state tax information. In turn, it has become common for trusts to have filing obligations in several states.

Read more in the attached article that was written by Greg Bergmann, Partner and Eric Johnson, Partner and recently published in The Tax Adviser.

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