30-3146 Income taxes. - Nebraska Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter30 > 30-3146

30-3146. Income taxes.(a)A tax required to be paid by a trustee based on receipts allocated to incomemust be paid from income.(b) A tax required to be paid by a trustee based on receipts allocatedto principal must be paid from principal, even if the tax is called an incometax by the taxing authority.(c) A tax required to be paid by a trustee on the trust's share of anentity's taxable income must be paid:(1) from income to the extent that receipts from the entity are allocatedto income;(2) from principal to the extent that receipts from the entityare allocated only toprincipal;(3)proportionately from principal and income to the extent that receipts fromthe entity are allocated to both income and principal; and(4) from principal tothe extent that the tax exceeds the total receipts from the entity.(d) After applying subsections(a) through (c) of this section, the trustee shall adjust income or principalreceipts to the extent that the trust's taxes are reduced because the trustreceives a deduction for payments made to a beneficiary. SourceLaws 2001, LB 56, § 31; Laws 2009, LB80, § 3.

State Codes and Statutes

Statutes > Nebraska > Chapter30 > 30-3146

30-3146. Income taxes.(a)A tax required to be paid by a trustee based on receipts allocated to incomemust be paid from income.(b) A tax required to be paid by a trustee based on receipts allocatedto principal must be paid from principal, even if the tax is called an incometax by the taxing authority.(c) A tax required to be paid by a trustee on the trust's share of anentity's taxable income must be paid:(1) from income to the extent that receipts from the entity are allocatedto income;(2) from principal to the extent that receipts from the entityare allocated only toprincipal;(3)proportionately from principal and income to the extent that receipts fromthe entity are allocated to both income and principal; and(4) from principal tothe extent that the tax exceeds the total receipts from the entity.(d) After applying subsections(a) through (c) of this section, the trustee shall adjust income or principalreceipts to the extent that the trust's taxes are reduced because the trustreceives a deduction for payments made to a beneficiary. SourceLaws 2001, LB 56, § 31; Laws 2009, LB80, § 3.

State Codes and Statutes

Back To Homepage

State Codes and Statutes

Statutes > Nebraska > Chapter30 > 30-3146

30-3146. Income taxes.(a)A tax required to be paid by a trustee based on receipts allocated to incomemust be paid from income.(b) A tax required to be paid by a trustee based on receipts allocatedto principal must be paid from principal, even if the tax is called an incometax by the taxing authority.(c) A tax required to be paid by a trustee on the trust's share of anentity's taxable income must be paid:(1) from income to the extent that receipts from the entity are allocatedto income;(2) from principal to the extent that receipts from the entityare allocated only toprincipal;(3)proportionately from principal and income to the extent that receipts fromthe entity are allocated to both income and principal; and(4) from principal tothe extent that the tax exceeds the total receipts from the entity.(d) After applying subsections(a) through (c) of this section, the trustee shall adjust income or principalreceipts to the extent that the trust's taxes are reduced because the trustreceives a deduction for payments made to a beneficiary. SourceLaws 2001, LB 56, § 31; Laws 2009, LB80, § 3.