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 […]
18-C §7-444. Principal receipts
§7-444. Principal receipts A trustee shall allocate to principal: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Assets received. To the extent not allocated to income under this Part, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a […]
18-C §7-445. Rental property
§7-445. 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 a […]
18-C §7-446. Obligation to pay money
§7-446. Obligation to pay money 1. Interest on obligation to pay money; allocate to income. 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 […]
18-C §7-447. Insurance policies and similar contracts
§7-447. Insurance policies and similar contracts 1. Trust, trustee as beneficiary; allocate to principal. Except as otherwise provided in subsection 2, 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 […]
18-C §7-448. Insubstantial allocations not required
§7-448. Insubstantial allocations not required If a trustee determines that an allocation between principal and income required by section 7‑449, 7‑450, 7‑451, 7‑452 or 7‑455 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in section 7‑404, subsection 3 applies to the allocation. This power may be […]
18-C §7-449. Deferred compensation, annuities and similar payments
§7-449. Deferred compensation, annuities and similar payments 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “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 […]