Welcome


Law should be interactive.

Rabbit Crowd Library is an experiment in enabling people to interact with the law directly without bias.

Give law accountability. Use - , and to comment and respond to text you agree and disagree with.

0
0
0
Rs 47:181 Imposition Of Tax On Estates And Trusts

SUBPART C. ESTATES AND TRUSTS

§181. Imposition of tax on estates and trusts

A. Application of tax. The taxes imposed by this Chapter upon individuals shall

apply to the income of estates or of any kind of property held in trust including:

(1) Income accumulated in trust for the benefit of unborn or unascertained person

or persons with contingent interests, and incomes accumulated or held for future distribution

under the terms of will or trust;

(2) Income which is to be distributed currently by the fiduciary to the beneficiaries,

and income collected by a tutor of a minor which is to be held or distributed as the court may

direct;

(3) Income received by estates of deceased persons during the period of

administration or settlement of the estate; and

(4) Income which, in the discretion of the fiduciary, may be either distributed to the

beneficiaries or accumulated.

B. Computation and payment.

(1) The tax shall be computed upon the net income of the estate or trust, and shall

be paid by the fiduciary, except as provided in R.S. 47:186, relating to revocable trusts, and

R.S. 47:187 relating to income for benefit of the grantor. For return made by the beneficiary

see R.S. 47:162.

(2) The amount of a net operating loss for any tax year beginning on or after January

1, 1992, may be deducted from net income in any of the fifteen years immediately following

the year in which the loss occurred.

(3) The amount of a net operating loss for any tax year beginning on or after January

1, 2000, may be deducted from net income in any of the twenty years immediately following

the year in which the loss occurred.

C. Exceptions. If a trust is a simple trust as defined under Internal Revenue Code

Section 651 or a grantor trust as defined under R.S. 47:187, it shall not have to file a

Louisiana income tax return if the following conditions are met:

(1) Such trust does not have any net taxable income for the taxable period.

(2) Such trust does not have any nonresident beneficiaries.

Acts 1985, No. 647, §1; Acts 1992, No. 1083, §1, eff. for all open taxable periods;

Acts 2015, No. 103, §1, eff. July 1, 2015.

NOTE: See Acts 2015, No. 103, §2, re: applicability.

Share this law:
Facebook Twitter LinkedIn Pinterest Reddit
Local Government
Louisiana
3
8
0
John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
trust
income
tax
estate
estates
net
held
period
accumulated
revenue