There is a newer version
of
this Statute
2019 Nebraska Revised Statutes
Chapter 76 - REAL PROPERTY
76-1513 Authorized trust, defined.
Universal Citation: NE Code § 76-1513 (2019)
76-1513. Authorized trust, defined.
Authorized trust shall mean a trust other than a family trust in which:
(1) The beneficiaries do not exceed twenty-five in number;
(2) The beneficiaries are all natural persons, who are not acting as a trustee or in a similar capacity for a trust as defined in section 76-1511, or persons acting in a fiduciary capacity, or nonprofit corporation; and
(3) Its income is not exempt from taxation under the laws of either the United States or the State of Nebraska, except that its income may be exempt from taxation under sections 501(c)(3) and 509(a)(3) of the Internal Revenue Code.
Source
- Laws 1981, LB 9, ยง 7.
Disclaimer: These codes may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
