Arizona Laws 43-1333. Fiduciary adjustment; allocation of shares
A. The fiduciary adjustment for a resident estate or trust shall be the net amount of the additions and subtractions required by sections 43-1021 and 43-1022 including the addition required by section 43-1021, paragraph 1 or the subtraction required by section 43-1022, paragraph 3 if the estate or trust is a beneficiary of another estate or trust.
Terms Used In Arizona Laws 43-1333
- 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.
- Fiduciary: means a guardian, trustee, personal representative, executor, administrator, receiver or conservator, whether individual or corporate, or any person acting in any fiduciary capacity for any person, estate or trust. See Arizona Laws 43-104
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Nonresident: means every individual other than a resident. See Arizona Laws 43-104
- Nonresident estate or trust: means an estate or trust that is not a resident estate or trust. See Arizona Laws 43-1301
- Resident: includes :
(a) Every individual who is in this state for other than a temporary or transitory purpose. See Arizona Laws 43-104
- Taxable year: means :
(a) The calendar year or the fiscal year, ending during such calendar year, on the basis of which the taxable income is computed under this title. See Arizona Laws 43-104
B. In the case of a nonresident estate or trust, the fiduciary adjustment shall be the net amount of the additions and subtractions required by sections 43-1021 and 43-1022 that are derived from or related to income from sources within this state.
C. The estate or trust and its beneficiaries shall apportion the fiduciary adjustment in the same proportion as their respective shares of federal distributable net income of the estate or trust.
D. If the estate or trust has no federal distributable net income for the taxable year, the share of each beneficiary in the fiduciary adjustment shall be in proportion to the beneficiary’s share of the estate or trust income for the year, under local law or terms of the instrument, that is required to be distributed currently and any other amounts of the income distributed in the year. Any balance of the fiduciary adjustment shall be allocated to the estate or trust.
E. In the case of a nonresident beneficiary of an estate or trust, including a nonresident estate or trust that is a beneficiary of another estate or trust, the addition required by section 43-1021, paragraph 1 or the subtraction required by section 43-1022, paragraph 3 shall be limited to that portion of the beneficiary’s share of the fiduciary adjustment that is derived from or related to income from sources within this state.