Cal. Revenue and Taxation Code § 17742 : California Revenue And Taxation Code — Other Taxes — Estates, Trusts, Beneficiaries, And Decedents — Taxation of income of estate or trust

15 Sep 2016

Current through the 2016 Legislative Session

(a) Except as otherwise provided in this chapter, the income of an estate or trust is taxable to the estate or trust. The tax applies to the entire taxable income of an estate, if the decedent was a resident, regardless of the residence of the fiduciary or beneficiary, and to the entire taxable income of a trust, if the fiduciary or beneficiary (other than a beneficiary whose interest in such trust is contingent) is a resident, regardless of the residence of the settlor.
(b) For purposes of this article the residence of a corporate fiduciary of a trust means the place where the corporation transacts the major portion of its administration of the trust.
Ca. Rev. and Tax. Code § 17742