January 17, 1992
TO: TAX MEMBERS NO. 4-92
MEMBERS - ONE PER COMPLEX NO. 2-92
ACCOUNTING/TREASURERS MEMBERS NO. 2-92
CLOSED-END FUND MEMBERS NO. 3-92
UNIT INVESTMENT TRUST MEMBERS NO. 3-92
RE: CORRECTIONS TO 1991 SURVEYS OF STATE INCOME TAXATION
__________________________________________________________
We have recently been advised by two states that they
provided certain incorrect answers in response to the Institute's
1991 Survey of State Income Taxation. (See Institute Memorandum
to Members - One Per Complex No. 60-91, Closed-End Fund Members
No. 49-91, Tax Members No. 50-91, Unit Investment Trust Members
No.
56-91 and Accounting/Treasurers Members No. 31-91, dated November
20, 1991.) Enclosed are replacement pages 1-3 and 2-4 reflecting
the corrected information. The corrections are as follows:
1. North Carolina does not have a threshold requirement
before pass-through treatment is available with
respect to interest derived from federal obligations
and distributed by regulated investment companies
("RICs") to their shareholders.
2. Rhode Island indicated on its survey response that it
has a state intangible property tax. It does not.
We will keep you informed of further state tax
developments.
David J. Mangefrida Jr.
Assistant Counsel - Tax
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