Section 15-503 – Determination and Distribution of Net Income
(a) The rules in subsections (b) through (e) of this section apply: (1) In the case of an estate, after a decedent dies; or (2) After an income interest in a trust ends. (b) (1) A fiduciary of an estate or of a terminating income interest shall: (i) Determine the amount of net income and net principal receipts received from property […]
Section 15-504 – Distribution to Residuary and Remainder Beneficiaries
(a) (1) Each beneficiary described in § 15–503(d) of this subtitle 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. (2) If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, […]