§ 55-277.11. Distribution from trust or estate
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 shall allocate to principal an amount received as a distribution of principal from such a trust or estate. 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, § 55-277.10 or § 55-277.24 applies to a receipt from the trust.
(1999, c. 975.)
Sections: Previous 55-277.4:1 55-277.5 55-277.6 55-277.7 55-277.8 55-277.9 55-277.10 55-277.11 55-277.12 55-277.13 55-277.14 55-277.15 55-277.16 55-277.17 55-277.18 NextLast modified: April 16, 2009