§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 […]
§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 […]
§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. […]
§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 […]
§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 […]
§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 […]
