§ 53-12-450. Disbursements From Income
A trustee shall make the following disbursements from income: One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; One-half of all court costs, attorney’s fees, and other fees and expenses for accountings, judicial proceedings, or other matters that involve both the income and […]
§ 53-12-451. Disbursements From Principal
A trustee shall make the following disbursements from principal: The remaining one-half of the disbursements described in paragraphs (1) and (2) of subsection (a) of Code Section 53-12-450; All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination and disbursements made to prepare property for sale; Payments on the […]
§ 53-12-452. Transfers From Income to Principal for Depreciation
As used in this Code section, the term “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that […]
§ 53-12-453. Transfers From Income to Reimburse Principal
Wherever a charge that is properly allocable to income has been made or is expected to be made from principal because of the unusually large nature of the charge or otherwise, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a […]
§ 53-12-454. Income Taxes
A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. A tax […]
§ 53-12-455. Adjustments Between Principal and Income Because of Taxes
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: Elections and decisions, other than those described in subsection (b) of this Code section, that the fiduciary makes from time to time regarding tax matters; An income […]
§ 53-12-424. Insubstantial Allocations Not Required
If a trustee determines that an allocation between principal and income required by Code Sections 53-12-425 through 53-12-428 or Code Section 53-12-431 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Code Section 53-12-361 applies to the allocation. Such power may be exercised by a cotrustee […]
§ 53-12-425. Deferred Compensation, Annuities, and Similar Payments
As used in this Code section, the term: “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in exchange for future payments. Such term includes a payment made in money […]
§ 53-12-426. Liquidating Asset
As used in this Code section, the term “liquidating asset” means an asset whose value will diminish or terminate because such asset is expected to produce receipts for a period of limited duration. Such term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year […]
§ 53-12-427. Minerals, Water, and Other Natural Resources
To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this Code section, the trustee shall allocate them as follows: If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income; If received from a production […]