§ 44-30-17 - Share of a resident estate, trust, or beneficiary in Rhode Island fiduciary adjustment.
SECTION 44-30-17
§ 44-30-17 Share of a resident estate,trust, or beneficiary in Rhode Island fiduciary adjustment. – (a) General. An adjustment shall be made in determining Rhode Islandincome of a resident estate or trust under § 44-30-16, or Rhode Islandincome of a resident beneficiary of any estate or trust under §44-30-12(d), in the amount of the share of each in the Rhode Island fiduciaryadjustment as determined in this section.
(b) Definition. The Rhode Island fiduciary adjustmentshall be the net amount of the modifications described in § 44-30-12(excluding subdivisions (b)(4), (c)(3) and (c)(4) of that section) andincluding subsection (d) of that section if the estate or trust is abeneficiary of another estate or trust), which relates to items of income ordeduction of an estate or trust.
(1) The respective shares of an estate or trust and itsbeneficiaries (including, solely for the purpose of this allocation,nonresident beneficiaries) in the Rhode Island fiduciary adjustment shall be inproportion to their respective shares of federal distributable net income ofthe estate or trust.
(2) If the estate or trust has no federal distributable netincome for the taxable years, the share of each beneficiary in the Rhode Islandfiduciary adjustment shall be in proportion to his or her share of the estateor trust income for that year, under the law governing the instrument, which isrequired to be distributed currently and any other amounts of that incomedistributed in that year. Any balance of the Rhode Island fiduciary adjustmentshall be allocated to the estate or trust.
(d) Alternate attribution of modifications. The taxadministrator may by regulation authorize the use of any other methods ofdetermining to whom the items comprising the fiduciary adjustment shall beattributed that may be appropriate and equitable, on any terms and conditionsthat the tax administrator may require.