May 2017

Trusts Win Precedent-Setting Ruling on Income Tax

United States - Minnesota

Four irrevocable, inter vivos trusts won a ruling in Minnesota Tax Court that the Minnesota Trust Income Tax statute is unconstitutional, and that their income from stocks and bonds is not taxable by Minnesota. Faegre Baker Daniels represented the trusts, who won the ruling in May 2017.

This precedent-setting decision means that certain irrevocable trusts created by Minnesota residents after 1995 may be able to claim income tax refunds.

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