July 2019
The Supreme Court’s June 2019 decision to aggressively tax trusts didn’t exactly surprise many experienced tax practitioners. The notion was foreshadowed by the Wayfair vs. South Dakota decision one year prior. In North Carolina Department of Revenue vs. The Kimberley Rice Kaestner 1992 Family Trust (herein referred to as the Trust), Justice Sonia Sotomayor wrote the Supreme Court’s unanimous opinion in which the Court affirmed all lower courts’ decisions and held for the taxpayer, the Trust.
