JustMe Posted November 27, 2018 Share Posted November 27, 2018 Where a trust/trustee is located in one state, but the plan and its beneficiaries and the unrelated business are located in another state, what state law applies when considering taxation of UBIT? Link to comment Share on other sites More sharing options...
JustMe Posted November 27, 2018 Author Share Posted November 27, 2018 In addition, the governing law in the Trust Agreement states the governing law of the location of the trustee will apply, but wasn't sure if that meant taxation since the unrelated business did not occur there, nor does the plan sponsor reside or have its principal place of business there. Link to comment Share on other sites More sharing options...
Luke Bailey Posted November 29, 2018 Share Posted November 29, 2018 That's a good question and I don't really know the answer, but I would suggest that the rules will not be different for qualified plans than for regular (I.e., non-UBIT) income tax imposed on other trusts, e.g. family wealth trusts. Usually, real estate income (rents, gains on sale) is taxed in state of location of real estate, while stocks, bonds, etc. will be taxed in state of residence of trust. But every state's law and taxing administration will have its own nuances. Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034 Link to comment Share on other sites More sharing options...
JustMe Posted November 29, 2018 Author Share Posted November 29, 2018 Thank you so much for your response. Yes, this is a very tough topic! Link to comment Share on other sites More sharing options...
Barbara Hanis Posted November 29, 2018 Share Posted November 29, 2018 Does anyone know where I would find Florida State Law that pertains to 403(b) Plans? Link to comment Share on other sites More sharing options...
JamesK Posted November 29, 2018 Share Posted November 29, 2018 3 hours ago, Barbara Hanis said: Does anyone know where I would find Florida State Law that pertains to 403(b) Plans? Barbara , I suggest that you create a separate post under the correct topic for this question. That way it will be seen by more people who either have an interest in or experience with your issue. Also, if possible, state what particular issue is relevant (e.g., taxation, governance, insurance law). Link to comment Share on other sites More sharing options...
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