Dickson v. Lynch

EAGLES, Judge.

A trust held for the benefit of a nonresident by a North Carolina trustee is exempted from intangibles tax to the extent that its net income is “distributed or distributable to such nonresident.” G.S. 105-212. Defendant contends that only income actually distributed to the nonresident is exempt from intangibles tax and that plaintiff was subject to intangibles tax for 1981 because there was no distribution of income from the trusts. We do not agree.

In determining whether a trust held for the benefit of a nonresident is exempt from intangibles tax by G.S. 105-212, it does not…