- Associated Press - Tuesday, July 5, 2016

RALEIGH, N.C. (AP) - The state Court of Appeals says North Carolina must refund more than $1.3 million in taxes paid by a trust for income that wasn’t distributed to a beneficiary living in the state.

A three-judge panel said In a unanimous opinion Tuesday the state Revenue Department must repay the taxes and penalties with interest. The judges say the department’s assessment of taxes on The Kimberley Rice Kaestner 1992 Family Trust violates the U.S. and state constitutions.

The decision says one beneficiary of the trust lived in North Carolina in 2002, but no one living in the state received income. The ruling says the state must repay taxes paid for 2005, 2006, 2007 and 2008.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide