video
Withers plays an important role in historic US Supreme Court groundbreaking decision on taxation of trusts
24 June 2019 | 3 minute watch
Play Videovideo
24 June 2019 | 3 minute watch
Play VideoNote: We have provided a transcript of the discussion in this video if you are unable to watch the video version. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
William Kambas (00:11): It was a very exciting brief to be a part of. The kimberley Kaestner trust case against the state of North Carolina is one that is at the very foundations of multi-state taxation of trusts, and multi-state taxation generally. Nexus is a fundamental aspect of tax, and this case seeks to revisit standards of nexus in light of a trust.Withers partners David Lehn, William Kambas, James Dougherty, and associate Lisa Page provide their insight on our involvement and contribution to the biggest tax case for trusts in decades (North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust). The Court’s unanimous decision, announced on Friday, June 21, ensures that core principles of trust law and taxing jurisdiction remain intact by ruling that a trust beneficiary’s residence in a state does not establish enough of a connection to permit the state to tax it.
Note: We have provided a transcript of the discussion in this video if you are unable to watch the video version. This transcript is generated using a combination of speech recognition software and human transcribers and may contain errors.
William Kambas (00:11): It was a very exciting brief to be a part of. The kimberley Kaestner trust case against the state of North Carolina is one that is at the very foundations of multi-state taxation of trusts, and multi-state taxation generally. Nexus is a fundamental aspect of tax, and this case seeks to revisit standards of nexus in light of a trust.