Louisiana Revised Statutes 47:186 – Revocable trusts
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Terms Used In Louisiana Revised Statutes 47:186
- Grantor: The person who establishes a trust and places property into it.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
Where at any time during the taxable year the power to revest in the grantor title to any part of the corpus of the trust is vested either:
(1) In the grantor, either alone or in conjunction with any person not having a substantial adverse interest in the disposition of such part of the corpus or the income therefrom, or
(2) In any person not having a substantial adverse interest in the disposition of such part of the corpus or the income therefrom, then the income of such part of the trust for such taxable year shall be included in computing the net income of the grantor.