Sec. 13.38.750. Asset-backed securities.
(a) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate the portion of the payment that the payor identifies as being from interest or other current return to income, and the trustee shall allocate the balance of the payment […]
Sec. 13.38.600. Allocation of property from entities.
(a) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity, including reinvested cash dividends. (b) A trustee shall allocate the following receipts from an entity to principal: (1) property other than money excluding reinvested cash dividends; (2) money received in one distribution or a series of […]
Sec. 13.38.610. Distribution from trust or estate.
(a) A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest. (b) A trustee shall allocate to principal an amount received as a distribution of principal from a trust or estate in which […]
Sec. 13.38.620. Business and other activities conducted by trustee.
(a) If a trustee that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or other activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for the transactions […]
Sec. 13.38.630. Principal receipts.
A trustee shall allocate to principal any of the following: (1) to the extent not allocated to income under this chapter, assets received from (A) a transferor during the transferor’s lifetime; (B) a decedent’s estate; (C) a trust with a terminating income interest; or (D) a payor under a contract naming the trust or its […]
Sec. 13.38.640. Rental property.
(a) To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate an amount received as rent of real or personal property to income, including an amount received for cancellation or renewal of a lease. (b) An amount received as a refundable deposit, including a security deposit […]