(1) The tax treatment of common trust funds and participants therein, under this chapter, is governed by the provisions of the Internal Revenue Code.
(2) Every financial institution or trust company maintaining a common trust fund shall make a return to the Department of Revenue for each tax year, stating specifically, with respect to such fund, the items of gross income and deductions, and shall include in the return information sufficient to identify the trusts and estates entitled to share in the net income of the common trust fund and the amount of the proportionate share of each such participant. The return shall be made at such time as is designated by the department. [1969 c.493 §69; 1997 c.631 §456]Section: Previous 316.448 316.450 316.454 316.455 316.457 316.462 316.467 316.472 316.475 316.480 316.485 316.487 316.490 316.491 316.493 Next
Last modified: August 7, 2008