Undercofler v. Swint

Russell, Judge.

There is no contention but that, prior to the enactment of Code Ann. § 92-3122 (Ga. L. 1963, p. 628) distributions from exempt trusts were taxed to the distributee as ordinary income. The amending Act, approved April 12, 1963, recites in its preamble that it is an act to amend Code Ch. 92-31 “so as to clarify the taxation of distributions from a trust exempted from taxation by Code § 92-3105 (k). . .” Section 1 of the Act provides: “That in the case of a trust described in and exempt from taxation under subsection (k) of Code § 92-3105, as added by amendment by an Act approved…