Amends GS 105-160.2 regarding the imposition of tax on on the taxable income of estates and trusts in order to clarify the allocation of trust income. Also modifies how the tax is computed. Defines the following terms as they apply in this section: (1) current beneficiary, (2) nonresident estate, (3) nonresident trust, (4) resident estate, and (5) resident trust. Effective for taxable years beginning on or after January 1, 2015.