143.351. Fiduciary adjustment.

MISSOURI STATUTES AND CODES

143.351. Fiduciary adjustment.

Fiduciary adjustment.

143.351. 1. An adjustment shall be made in determining theMissouri taxable income of a resident estate or trust undersection 143.341, or the Missouri adjusted gross income of aresident beneficiary of any estate or trust under section143.121, subsection 4, in the amount of the share of each in theMissouri fiduciary adjustment as determined in this section.

2. The Missouri fiduciary adjustment shall be the net amountof the modifications described in subsections 2, 3, and 4 ofsection 143.121 (if the estate or trust is a beneficiary ofanother estate or trust), subsection 5 of section 143.121,section 143.141, and section 143.171. The net amount of suchmodification shall not include any modification to the extentsuch items are not determinants of the federal distributable netincome of the estate or trust.

3. (1) The respective shares of an estate or trust and itsbeneficiaries (including, solely for the purpose of thisallocation, nonresident and charitable beneficiaries) in thefiduciary adjustment shall be in proportion to their respectiveshares of the sum of federal distributable net income of theestate or trust and the amount paid or required to be paid to acharitable organization to the extent such amount is attributableto income for the current year.

(2) If the estate or trust has no federal distributable netincome for the taxable year, the share of each beneficiary in thefiduciary adjustment shall be in proportion to his share of theestate or trust income for such year, under the applicable law orthe government instrument, which is required to be distributedcurrently and any other amounts of such income distributed insuch year. Any balance of the fiduciary adjustment shall beallocated to the estate or trust.

(3) The director of revenue may, by regulation, establishsuch other method or methods of determining to whom the itemscomprising the fiduciary adjustment shall be attributed, as maybe appropriate and equitable. Such method may be used by thefiduciary in his discretion whenever the allocation of thefiduciary adjustment, pursuant to subdivision (1) or (2) of thissubsection would result in an inequity which is substantial bothin amount and in relation to the amount of the fiduciaryadjustment.