Section 701 – When right to income begins and ends.
Effective 7/1/2020 22-3-701. When right to income begins and ends. (1) (a) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date on which an income interest begins. (b) The income interest begins on the date that is specified in the terms of the trust or, […]
Section 702 – Apportionment of receipts and disbursements when decedent dies or income interest begins.
Effective 7/1/2020 22-3-702. Apportionment of receipts and disbursements when decedent dies or income interest begins. (1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which Subsection 22-3-601(2) applies, to principal if the due date of the income receipt or disbursement occurs before the date on which: (a) for an […]
Section 703 – Apportionment when income interest ends.
Effective 7/1/2020 22-3-703. Apportionment when income interest ends. (1) In this section: (a) “Undistributed income” means net income received on or before the date on which an income interest ends. (b) “Undistributed income” does not include an item of income or expense that is due or accrued or net income that has been added or […]