Estates and Trusts
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INTRODUCTION|As in the case of taxation of individuals, the Nebraska income tax upon estates and trusts is directly related to the federal tax thereon. Thus, before one can comprehend the computation of the Nebraska tax, one must be somewhat familiar with the general principles of federal taxation of estates and trusts set forth in the Internal Revenue Code.'|Generally speaking, for federal purposes each estate is considered to be a separate taxpayer and is required to pay a tax upon its entire income other than that which is either distributed or distributable during each taxable year. The same rules generally apply to trusts, except that all the income of a revocable inter vivos trust is deemed to be taxable to the grantor, and all or part of the income of an irrevocable inter vivos trust may be taxable to the grantor if he has retained certain "strings attached" to the trust...
2 Creighton L. Rev. 91 (1968-1969)
Creighton University School of Law