California Fiduciary Income Taxation and the Throwback Tax.
Planning for the best fiduciary income tax outcome when there are CA beneficiaries can be very perplexing. Unlike most states, CA taxes trusts based not only when the trustee resides in CA but also when the beneficiaries are tax residents of California.
3:10 PM - 4:00 PMWed
Pisa
And to make matters worse, California also bifurcates types of beneficiaries depending on whether they are “contingent” or “non-contingent” or in other words if the are “vested” or “not vested”. If you are confused about all of this and you have trusts that have California residents, this session will hopefully help clarify some of this confusion.
Learning Objectives:
• Multi-state fiduciary income taxation rules
• Estates & non-grantor trusts subject to California fiduciary
income taxation.
- California fiduciary income tax rules
- California asset and income sourcing rules
- State residency-based rules for fiduciaries and beneficiaries
- Apportionment rules based on fiduciary and/or beneficiary –
Form 541Schedule G
- Distinction between contingent and non-contingent
beneficiaries
- Potential throw-back tax issues