The tax imposed by section 422.5 less the credits allowed under sections 422.10, 422.11A, 422.11B, and 422.11C,* and the personal exemption credit allowed under section 422.12 apply to and are a charge against estates and trusts with respect to their taxable income, and the rates are the same as those applicable to individuals. The fiduciary shall make the return of income for the estate or trust for which the fiduciary acts, whether the income is taxable to the estate or trust or to the beneficiaries.
The beneficiary of a trust who receives an accumulation distribution shall be allowed credit without interest for the Iowa income taxes paid by the trust attributable to the accumulation distribution in a manner corresponding to the provisions for credit under the federal income tax relating to accumulation distributions as contained in the Internal Revenue Code. The trust is not entitled to a refund of taxes paid on the distributions. The trust shall maintain detailed records to verify the computation of the tax.
[C35, § 6943-f6; C39, § 6943.038; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 422.6]
83 Acts, ch 179, § 4, 25; 84 Acts, ch 1305, § 28; 88 Acts, ch 1028, §12; 89 Acts, ch 251, §12; 91 Acts, ch 159, §8
Referred to in § 422.14, 422.16
*Section 422.11C repealed effective January 1, 1996; corrective legislation is pending
© 1997 Cornell College and League of Women Voters of Iowa
Last update: Mon Jan 27 16:05:08 CST 1997