A fiduciary shall allocate to principal: 1. To the extent not allocated under this chapter, an asset received from: a. An individual during the individual’s lifetime; b. An estate; c. A trust on termination of an income interest; or d. A payor under a contract naming the fiduciary as beneficiary; 2. Except as otherwise provided […]
To the extent a fiduciary does not account for the management of rental property as a business under § 64.2-1050, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including […]
A. This section does not apply to an obligation to which § 64.2-1056, 64.2-1057, 64.2-1058, 64.2-1059, 64.2-1061, 64.2-1062, or 64.2-1063 applies. B. A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for […]
A. This section does not apply to a contract to which § 64.2-1056 applies. B. Except as otherwise provided in subsection C, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or […]
