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The term "grantor trust" also has a special meaning in tax law. A grantor trust is defined under the Internal Revenue Code as one in which the federal income tax consequences of the trust's investment activities are entirely the responsibility of the grantor or another individual who has unfettered power to take out all the assets. [20]
The FTB's name reflects the fact that it was originally created to collect this tax. The agency's name was left unchanged even after the state created a personal income tax and added it to the FTB's responsibilities. The corporate tax is imposed on businesses that do business in California and derive income from within California. [2]
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
It is true that California's government had grown. Between 1973 and 1977, California state and local government expenditures per $1,000 of personal income were 8.2% higher than the national norm. From 1949 to 1979, public sector employment in California outstripped employment growth in the private sector.
A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children). It can also fund the special needs care of a loved one ...
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
Today’s choices shape the future for children, great-grandchildren and future descendants. For Californians, navigating the landscape of living trusts and wills is paramount in ensuring a ...
The California Department of Tax and Fee Administration (CDTFA) is the public agency charged with assessing and collecting sales and use taxes, as well as a variety of excise fees and taxes, for the U.S. state of California. The department has several other ancillary functions, such as ensuring that sellers comply with permit requirements.
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