Section 45IAC3.1-1-11. Exemptions for trusts and estates

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Exemptions. As [sic.] estate can deduct a personal exemption of $600. A trust which is required to distribute all of the income currently, a simple trust, is allowed an exemption of $300. All other trusts, complex trusts, can deduct a $100 exemption. If final distribution of assets has been made during the year, all income of the estate or trust must be reported to the beneficiaries without reduction for the amount claimed for the exemption. (Department of State Revenue; Reg 6-3-1-3.5(c)(020); filed Oct 15, 1979, 11:15 am: 2 IR 1518; errata, 2 IR 1743)

                    
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