Sec. 34-519. Applicability of laws pertaining to trusts. Classification for taxation purposes.
Sec. 34-519. Applicability of laws pertaining to trusts. Classification for taxation purposes. Except to the extent otherwise provided or authorized in sections 34-500 to 34-547, inclusive, the laws of this state pertaining to trusts are applicable to
statutory trusts; provided, for purposes of taxation under title 12, a statutory trust shall
be classified as a corporation, an association, a partnership, a trust or otherwise, as shall
be determined under the United States Internal Revenue Code of 1986, or any subsequent
corresponding internal revenue code of the United States, as from time to time amended.
(P.A. 96-271, S. 229, 254.)
History: P.A. 96-271 effective October 1, 1997.