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DICKSON v. LYNCH

No. 8326SC20.

310 S.E.2d 404 (1984)

Alan T. DICKSON, Trustee v. Mark G. LYNCH, North Carolina Secretary of Revenue.

Court of Appeals of North Carolina.

January 17, 1984.

Attorney(s) appearing for the Case

Atty. Gen. Rufus L. Edmisten by Asst. Atty. Gen. Marilyn R. Rich, Raleigh, for defendant-appellant.

Fleming, Robinson, Bradshaw & Hinson by Russell M. Robinson, II, and Edwin F. Lucas, III, Charlotte, for plaintiff-appellee.

EAGLES, Judge.

A trust held for the benefit of a nonresident by a North Carolina trustee is exempted from intangibles tax to the extent that its net income is "distributed or distributable to such nonresident." G.S. 105-212. Defendant contends that only income actually distributed to the nonresident is exempt from intangibles tax and that plaintiff was subject to intangibles tax for 1981 because there was no distribution of income from the trusts. We do not agree...

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