§ 64.2-1071. Determination and distribution of net income

A. This section applies when: 1. The death of an individual results in the creation of an estate or trust; or 2. An income interest in a trust terminates, whether the trust continues or is distributed. B. A fiduciary of an estate or trust with an income interest that terminates shall determine, under subsection G […]

§ 64.2-1072. Distribution to successor beneficiary

A. Except to the extent Article 3 (§ 64.2-1039 et seq.) applies for a beneficiary that is a trust, each beneficiary described in subsection F of § 64.2-1071 is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. […]