Maine Revised Statutes Title 36 Sec. 5175-A – Maine taxable income of a nonresident estate or trust
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Terms Used In Maine Revised Statutes Title 36 Sec. 5175-A
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Nonresident estate or trust: shall mean an estate or trust which is not a resident estate or trust. See Maine Revised Statutes Title 36 Sec. 5102
- Nonresident individual: shall mean an individual who is not a resident individual. See Maine Revised Statutes Title 36 Sec. 5102
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
The Maine taxable income of a nonresident estate or trust is equal to its share in that portion of the distributable net income of the estate or trust that is derived from or connected with sources in this State, including items of income, gain, loss and deduction from another estate or trust of which the first estate or trust is a beneficiary, increased or reduced by the amount of any items that are recognized for federal income tax purposes but excluded from the distributable net income of the estate or trust and modified by the addition or subtraction of its share of the fiduciary adjustment determined under section 5164, less the amount of the deduction for its federal exemption. The source of items of income, gain, loss or deduction must be determined in accordance with section 5142 as if the estate or trust were a nonresident individual. [PL 2009, c. 434, §72 (NEW).]
SECTION HISTORY
PL 2009, c. 434, §72 (NEW).