Sec. 13.38.990. Short title.
This chapter may be cited as the Alaska Principal and Income Act.
Sec. 13.38.510. Distribution to residuary and remainder beneficiaries.
(a) Each beneficiary described in AS 13.38.500(4) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one […]
Sec. 13.38.720. Timber.
(a) To the extent that a trustee accounts for receipts from the sale of timber and related products under this section, the trustee shall allocate the net receipts (1) to income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the […]
Sec. 13.38.550. When right to income begins and ends.
(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins (1) on the date specified in the governing instrument; or (2) if a date is not specified, on the date an asset becomes subject to a trust or successive income interest. (b) An […]
Sec. 13.38.730. Property not productive of income; marital deduction.
(a) If a federal estate or gift tax marital deduction is allowed for all or part of a trust whose income is required to be paid to the settlor’s or testator’s spouse and whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, […]
Sec. 13.38.560. Allocation of receipts and disbursements when decedent dies or income interest begins.
(a) Unless AS 13.38.500(1) applies, a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before (1) a decedent dies, in the case of an estate; or (2) an income interest begins, in the case of a trust or successive income interest. (b) A trustee shall allocate an income […]
Sec. 13.38.740. Derivatives and options.
(a) To the extent that a trustee does not account under AS 13.38.620 for transactions in derivatives, the trustee shall allocate receipts from and disbursements made in connection with those transactions to principal. (b) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when […]
Sec. 13.38.570. Payment when income interest ends.
(a) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary’s share of the undistributed income that is not disposed of under the governing instrument unless the beneficiary […]
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 […]