The California Governor June 29 signed a law repealing the Uniform Principal and Income Act and recasting, revising, and expanding those provisions as the Uniform Fiduciary Income and Principal Act for trust income tax purposes. The law includes measures: 1) defining relevant terms, including “special tax benefit;" 2) requiring fiduciaries paying tax based on receipts allocated to income from the income itself; 3) providing that when fiduciaries pay tax on an entity’s taxable income, it should be paid proportionately from income and principal based on the allocation of receipts from that entity; 4) requiring the tax to be paid from .
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