§ 11.104A.180. Deferred compensation, annuities, and similar payments
(a) In this section, "payment" means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment made in money or property from the payer's general assets or from a separate fund created by the payer, including a private or commercial annuity, an individual retirement account, and a pension, profit-sharing, stock-bonus, or stock-ownership plan.
(b) To the extent that a payment is characterized as interest or a dividend or a payment made in lieu of interest or a dividend, a trustee shall allocate it to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment.
(c) If no part of a payment is characterized as interest, a dividend, or an equivalent payment, a trustee shall allocate to income four percent of the total value of the interests of the trustee in the plan, annuity, or similar payment as of the first business day of the accounting period and the balance to principal.
(d) If, to obtain an estate tax marital deduction for a trust, a trustee must allocate more of a payment to income than provided for by this section, the trustee shall allocate to income the additional amount necessary to obtain the marital deduction.
(e) This section does not apply to payments to which RCW 11.104A.190 applies.
[2002 c 345 § 409.]
Sections: Previous 11.104A.110 11.104A.120 11.104A.130 11.104A.140 11.104A.150 11.104A.160 11.104A.170 11.104A.180 11.104A.190 11.104A.200 11.104A.210 11.104A.220 11.104A.230 11.104A.240 11.104A.250 NextLast modified: April 7, 2009