§ 61-506. Adjustments between principal and income because of taxes.
§ 61-506. Adjustments between principal and income because of taxes. (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) Elections and decisions, other than those described in subsection (b) of this section, that the […]
§ 61-601. Uniformity of application and construction.
§ 61-601. Uniformity of application and construction. In applying and construing subchapters I through V of this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact the Uniform Principal and Income Act. 77 Del. Laws, c. 99, § 1;
§ 61-602. Applicability of § 61-409 of this title.
§ 61-602. Applicability of § 61-409 of this title. Section 61-409 of this title applies to a trust described in § 61-409(d) of this title on and after the following dates: (1) If the trust is not funded as of the effective date of this chapter, that is, August 1, 2009, the date of decedent’s […]
§ 61-603. Accounts with register of wills not affected.
§ 61-603. Accounts with register of wills not affected. Nothing in this chapter shall be construed to effect or change the form of accounting required under § 2301 of this title. 77 Del. Laws, c. 99, § 1;
§ 61-604. Certain charitable remainder unitrusts.
§ 61-604. Certain charitable remainder unitrusts. (a) Notwithstanding any contrary provision of the chapter, if the trust instrument adopts the provisions of this section by reference, an increase in the value of the following investments owned by a charitable remainder unitrust of the type authorized in § 664(d)(3) of the Internal Revenue Code (26 U.S.C. […]
§ 61-605. Trusts governed by this act.
§ 61-605. Trusts governed by this act. This chapter shall apply to any trust that is administered in Delaware under Delaware law or to any trust, wherever administered, whose governing instrument provides that the construction or administration of the trust be governed by Delaware law. 77 Del. Laws, c. 99, § 1;
§ 61-504. Transfers from income to reimburse principal.
§ 61-504. Transfers from income to reimburse principal. (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in 1 or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (b) Principal […]
§ 61-505. Income taxes.
§ 61-505. Income taxes. (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax […]
§ 61-405. Rental property.
§ 61-405. Rental property. To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee 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 […]
§ 61-406. Obligation to pay money.
§ 61-406. Obligation to pay money. (a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium. (b) A trustee shall […]