NRS 164.895 – Allocation from proceeds of collateral financial assets to income and principal; allocation of payments in exchange for interest in asset-backed security to principal or to principal and income.
1. 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. The term includes an asset that gives the owner the right to receive from the collateral financial assets […]
NRS 164.900 – Disbursements required to be made from income; reduction of amount charged against income.
1. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (b) or (c) of subsection 2 of NRS 164.800 applies: (a) Except as otherwise provided in subsection 2 or otherwise ordered by the court, one-half of the regular compensation of the trustee and of […]
NRS 164.905 – Disbursements required to be made from principal.
1. A trustee shall make the following disbursements from principal: (a) The remaining portion of the disbursements described in paragraph (a) of subsection 1 of NRS 164.900; (b) All the trustee’s compensation calculated on principal as a fee for acceptance, distribution or termination, and disbursements made to prepare property for sale; (c) Payments on the […]
NRS 164.910 – Transfer of net cash receipts from principal asset subject to depreciation to principal.
1. 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 1 year. 2. A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is […]
NRS 164.915 – Transfer of amount from income to principal to make certain principal disbursements.
1. 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 future principal disbursements. 2. Principal disbursements to which subsection 1 applies include the […]
NRS 164.920 – Payment of taxes required to be paid by trustee.
1. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. 2. A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. […]
NRS 164.870 – Allocation of receipts from liquidating assets to income and principal.
1. As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than 1 year under an […]
NRS 164.825 – Allocation of money received from entity to income; allocation of receipts from entity to principal; determination of money as return of capital; reliance upon financial statements and other information about character of distribution or source of funds from which distribution is made.
1. 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 NRS 164.830 applies, a business or activity to which NRS 164.835 applies or […]
NRS 164.830 – Allocation of amount received as distribution of income to income; allocation of distribution of principal to principal; purchase of interest in trust that is investment entity.
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 a trustee shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a […]
NRS 164.835 – Accounting separately for business or other activity.
1. 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 trust’s general accounting records, the trustee may maintain separate accounting records for its transactions, whether […]