Neb. Admin. Code § 316-23-003 — Entities which are not Included in the Taxation of Estates and Trusts

003.01 The term estate refers only to the estates of deceased persons and does not include such estates as those which are maintained for minors, persons adjudicated incompetent, or for any person who is suffering from some other legal disability. The Nebraska income tax liability for these persons shall be computed on the same form (Form 1040N or Form 1040NS) as that used for any other individual taxpayer but it may be prepared in the name of the disabled individual and signed by the guardian or conservator. None of the particular provisions of the act which refer to trusts and estates apply to these situations. 003.02 Trusts, which are taxed as corporations under the Internal Revenue Code, shall be taxed as corporations under the Nebraska Revenue Act of 1967, as amended. A trust which, by reason of its purposes or activities, is exempt from federal income tax, is also exempt from Nebraska income tax except as to unrelated business taxable income. 003.03 Receivers and trustees in bankruptcy shall have the same duties with respect to Nebraska income tax as they have under the Internal Revenue Code, and they shall file the Nebraska income tax return that corresponds to the income tax return required for federal income tax purposes. (Section 77-2717 R.R.S. 1996. November 11, 1998.)