18-C §7-454. Derivatives and options
§7-454. Derivatives and options 1. Derivative. As used in this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or […]
18-C §7-455. Asset-backed securities
§7-455. Asset-backed securities 1. Asset-backed security. As used in this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. “Asset-backed security” includes an asset that gives the owner the right to receive […]
18-C §7-461. Disbursements from income
§7-461. Disbursements from income A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 7‑421, subsection 2, paragraph B or C applies: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Compensation. One-half of the regular […]
18-C §7-462. Disbursements from principal
§7-462. Disbursements from principal 1. Required disbursements. A trustee shall make the following disbursements from principal: A. The remaining 1/2 of the disbursements described in section 7‑461, subsections 1 and 2; [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] B. All of the trustee’s compensation […]
18-C §7-463. Transfers from income to principal for depreciation
§7-463. Transfers from income to principal for depreciation 1. Depreciation. As used in this section, “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. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. […]
18-C §7-464. Transfers from income to reimburse principal
§7-464. Transfers from income to reimburse principal 1. Transfer to reimburse or provide reserve. 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 one or more accounting periods to reimburse principal or to provide a reserve for […]
18-C §7-465. Income taxes
§7-465. Income taxes 1. Tax based on receipts allocated to income. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2. Tax based on receipts allocated to […]
18-C §7-466. Adjustments between principal and income because of taxes
§7-466. Adjustments between principal and income because of taxes 1. Adjustments to offset shifting of interests or benefits. 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 that arise from: A. Elections and decisions, other than those described […]
18-C §7-471. Uniformity of application and construction
§7-471. Uniformity of application and construction In applying and construing this Part, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY […]
18-C §7-472. Application of Part to all trusts and estates
§7-472. Application of Part to all trusts and estates This Part applies to every trust or decedent’s estate, including those in existence on September 1, 2019, beginning with the first fiscal year of the trust or decedent’s estate that begins on or after September 1, 2019, except as otherwise expressly provided in the will or […]