Taxation

Trusts & Estates

Virginia Passes Legislation Narrowing Definition of “Resident Estate or Trust” for State Income Tax Purposes

Daniel Durst

Effective July 1, 2019, Virginia’s definition of “resident estate or trust” will no longer include a “trust or estate which is being administered in the Commonwealth” for state income tax purposes.  As a result of the definitional change, it is expected that a non-testamentary trust (that is, an inter vivos trust) created by a person domiciled outside of Virginia will be taxed by the Commonwealth after July 1 only on its Virginia source income.

Trusts & Estates

Estate of Streightoff v. Comm’r, T.C. Memo. 2018 178

Benjamin A. Cohen-Kurzrock

A valuation case from the Tax Court addressing the type and value of an interest transferred to a trust

Tax Breaks for Hiring People in Recovery

New York is offering tax credits to employers in the state who hire people recovering from drug addiction.

Natural Resources

Water Rights Donated in Exchange for Federal Tax Deduction

Tom Hicks

Trout Unlimited; Kinross Gold U.S.A., Inc.; and the Rocky Mountain Elk Foundation, have completed two conservation transactions on the Jardine Mine near Gardiner, Montana: (1) a donated conservation easement on the majority of the fee interest from Kinross’ TVX Mineral Hill, Inc. to RMEF; and (2) an outright donation of multiple senior water rights from TVX to TU.