Section 18506 Of Article 1. Individuals And Fiduciaries From California Revenue And Taxation Code >> Division 2. >> Part 10.2. >> Chapter 2. >> Article 1.
18506
. A trust that qualifies under Section 401(a) of the Internal
Revenue Code and which is exempt is not required to file a return
unless it changes the character of its organization, the purpose for
which it was organized, or its method of operation or unless the
trust has unrelated business taxable income. Where an exempt trust
has unrelated business taxable income which exceeds one thousand
dollars ($1,000) it shall file a return, verified by an executive
officer under penalties of perjury in the form prescribed by the
Franchise Tax Board on or before the 15th day of the fourth month
following the close of the taxable year.