Distributions of principal and income from trust or estate
Sec. 24. A trustee shall allocate to:
(1) income an amount received as a distribution of income; and
(2) principal an amount received as a distribution of principal;
from a trust or an estate in which the trust has an interest other than
a purchased interest. If a trustee purchases an interest in a trust that
is an investment entity, or a decedent or donor transfers an interest
in such a trust to a trustee, section 23 or 37 of this chapter applies to
a receipt from the trust.
As added by P.L.84-2002, SEC.2.
Last modified: May 27, 2006