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Texas Property Code - Chapter 116 Uniform Principal And Income ActLegal Research Home > Texas Lawyer > Property Code > Texas Property Code - Chapter 116 Uniform Principal And Income Act Sponsored LinksThis chapter may be cited as the Uniform Principal and Income Act. Added by Acts 2003, 78th Leg., ch. 659, § 1, eff. Jan. 1, ... In this chapter: (1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of ... In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject ... (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Subchapters B and ... (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as ... (a) The court may not order a trustee to change a decision to exercise or not to exercise a discretionary power conferred by Section 116.005 ... (a) This section does not apply to a charitable remainder unitrust as defined by Section 664(d), Internal Revenue Code of 1986 (26 U.S.C. Section 664), ... After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A ... (a) Each beneficiary described in Section 116.051(4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed ... (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date ... (a) A trustee shall allocate an income receipt or disbursement other than one to which Section 116.051(1) applies to principal if its due date occurs ... (a) In this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an ... (a) In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other ... 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 ... (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account ... A trustee shall allocate to principal: (1) to the extent not allocated to income under this chapter, assets received from a transferor during the transferor's ... To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received ... (a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including ... (a) Except as otherwise provided in Subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in ... If a trustee determines that an allocation between principal and income required by Section 116.172, 116.173, 116.174, 116.175, or 116.178 is insubstantial, the trustee may ... (a) In this section: (1) "Future payment asset" means the asset from which a payment is derived. (2) "Payment" means a payment that a trustee ... (a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a ... (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee ... (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall ... (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the ... (a) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right ... (a) 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 ... A trustee shall make the following disbursements from income to the extent that they are not disbursements to which Section 116.051(2)(B) or (C) applies: (1) ... (a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in Sections 116.201(1) and (2); (2) all ... (a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a ... (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income ... (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) A tax required ... (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder ... Last modified: August 11, 2007 |