Kansas Statutes 79-32,135. Share of a resident estate, trust, or beneficiary in Kansas fiduciary adjustments
(a) An adjustment shall be made in determining the Kansas taxable income of a resident estate or trust under Kan. Stat. Ann. § 79-32,134, or the Kansas adjusted gross income of a resident beneficiary or any estate or trust under Kan. Stat. Ann. § 79-32,117 (d), in the amount of the share of each in the Kansas fiduciary adjustment as determined in this section.
(b) The Kansas fiduciary adjustment shall be the net amount of the modifications described in Kan. Stat. Ann. § 79-32,117 (b), (c), (d), (if the estate or trust is a beneficiary of another estate or trust), and 79-32,117 (e), and in Kan. Stat. Ann. § 79-32,120 (b) and (c). The net amount of such modifications shall not include any modification described in Kan. Stat. Ann. § 79-32,117 or 79-32,120 to the extent such items are excluded from federal distributable net income of the estate or trust.
Terms Used In Kansas Statutes 79-32,135
- 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
- Director: means the director of taxation. See Kansas Statutes 79-32,109
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
- Resident estate: means the estate of a deceased person whose domicile was in this state at the time of such person's death. See Kansas Statutes 79-32,109
(c) (i) The respective shares of an estate or trust and its beneficiaries (including, solely for the purpose of this allocation, nonresident and charitable beneficiaries) in the Kansas fiduciary adjustment shall be in proportion to their respective shares of the sum of federal distributable net income of the estate or trust and the amount paid or required to be paid to a charitable organization to the extent such amount is attributable to income for the current year.
(ii) If the estate or trust has no federal distributable net income for the taxable year, the share of each beneficiary in the Kansas fiduciary adjustment shall be in proportion to his or her share of the estate or trust income for such year, under local law or the governing instrument, which is required to be distributed currently and any other amounts of such income distributed in such year. Any balance of the Kansas fiduciary adjustment shall be allocated to the estate or trust.
(d) The director may, by regulation, establish such other method or methods of determining to whom the items comprising the fiduciary adjustment shall be attributed, as may be appropriate and equitable. Such method may be used by the fiduciary in his or her discretion whenever the allocation of the fiduciary adjustment, pursuant to Kan. Stat. Ann. § 79-32,135 (c), would result in an inequity which is substantial both in amount and in relation to the amount of the fiduciary adjustment.