18-C §7-421. Determination and distribution of net income
§7-421. Determination and distribution of net income After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the provisions of this section apply. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Determination of net income and […]
18-C §7-452. Timber
§7-452. Timber 1. Allocation of net receipts. 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: A. To income to the extent the net receipts do not exceed the product of mean annual growth multiplied […]
18-C §7-422. Distribution to residuary and remainder beneficiaries
§7-422. Distribution to residuary and remainder beneficiaries 1. Distribution based on fractional interest. Each beneficiary described in section 7-421, subsection 4 is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one […]
18-C §7-453. Property not productive of income
§7-453. Property not productive of income 1. Income to obtain marital deduction. 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 […]
18-C §7-431. When right to income begins and ends
§7-431. When right to income begins and ends 1. Beginning of income interest. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset […]
18-C §7-432. Apportionment of receipts and disbursements when decedent dies or income interest begins
§7-432. Apportionment of receipts and disbursements when decedent dies or income interest begins 1. Application to principal. A trustee shall allocate an income receipt or disbursement other than one to which section 7‑421, subsection 1 applies to principal if its due date occurs before a decedent dies in the case of an estate or before […]
18-C §7-433. Apportionment when income interest ends
§7-433. Apportionment when income interest ends 1. Undistributed income. As used in this section, “undistributed income” means net income received before the date on which an income interest ends. “Undistributed income” does not include an item of income or expense that is due or accrued or net income that has been added or is required […]
18-C §7-441. Character of receipts
§7-441. Character of receipts 1. Entity. As used in this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which section 7‑442 applies, a business or activity […]
18-C §7-442. Distribution from trust or estate
§7-442. Distribution from trust or estate A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust […]
18-C §7-443. Business and other activities conducted by trustee
§7-443. Business and other activities conducted by trustee 1. Separate accounting for business or other activity. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the […]