Section 68-10-506 – ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES.
68-10-506. 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 fiduciary […]
Section 68-10-406 – OBLIGATION TO PAY MONEY.
68-10-406. 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 allocate […]
Section 68-10-601 – UNIFORMITY OF APPLICATION AND CONSTRUCTION.
68-10-601. UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and construing 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 it. History: [68-10-601, added 2001, ch. 261, sec. 2, p. 961.]
Section 68-10-407 – INSURANCE POLICIES AND SIMILAR CONTRACTS.
68-10-407. INSURANCE POLICIES AND SIMILAR CONTRACTS. (a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against […]
Section 68-10-408 – INSUBSTANTIAL ALLOCATIONS NOT REQUIRED.
68-10-408. INSUBSTANTIAL ALLOCATIONS NOT REQUIRED. If a trustee determines that an allocation between principal and income required by section 68-10-409, 68-10-410, 68-10-411, 68-10-412 or 68-10-415, Idaho Code, is insubstantial, the trustee may allocate the entire amount to principal unless one (1) of the circumstances described in section 68-10-104(c), Idaho Code, applies to the allocation. This […]
Section 68-10-409 – DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS.
68-10-409. DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS. (a) In this section: (1) "Payment" means a payment that a trustee may receive over a fixed number of years or during the life of one (1) or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes […]
Section 68-10-410 – LIQUIDATING ASSET.
68-10-410. LIQUIDATING ASSET. (a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than one (1) year […]
Section 68-10-411 – MINERALS, WATER AND OTHER NATURAL RESOURCES.
68-10-411. MINERALS, WATER AND OTHER NATURAL RESOURCES. (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be […]
Section 68-10-412 – TIMBER.
68-10-412. TIMBER. (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to 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 […]
Section 68-10-413 – PROPERTY NOT PRODUCTIVE OF INCOME.
68-10-413. PROPERTY NOT PRODUCTIVE OF INCOME. (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under […]