Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-03 - Inheritance, Gift, and Income Taxes
Chapter 1320-03-02 - Rules for Income Taxes
Section 1320-03-02-.13 - CHARITABLE REMAINDER TRUSTS
Universal Citation: TN Comp Rules and Regs 1320-03-02-.13
Current through September 24, 2024
(1) Charitable remainder trusts, as defined in §664 of the Internal Revenue Code, are taxable in the following manner:
(a) Income
earned by such a trust shall be taxable up to the amount of such income
distributed to the income beneficiary whether such income is earned in the tax
year or is undistributed income from prior years.
(b) The amount distributed to the income
beneficiary shall be considered paid from the trust income or corpus in the
following order:
1. Income subject to the 6%
tax rate under T.C.A. §
67-2-102(a) which
is earned in the tax year or is undistributed income of the trust for prior
years.
2. Income not subject to the
tax which is earned in the tax year or is undistributed income of the trust for
prior years
3. Trust
corpus.
Authority: T.C.A. §§ 67-1-102, 67-1-102(a), and 67-2-113.
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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