Idaho Statutes
pecnv.out

TITLE 68
TRUSTS AND FIDUCIARIES
CHAPTER 10
UNIFORM PRINCIPAL AND INCOME ACT
PART 4.
ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
68-10-404.  Principal receipts. 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 lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;
(2)  Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this part;
(3)  Amounts recovered from third parties to reimburse the trust because of disbursements described in section 68-10-502(a)(7), Idaho Code, or for other reasons to the extent not based on the loss of income;
(4)  Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
(5)  Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
(6)  Other receipts as provided in sections 68-10-408 through 68-10-415, Idaho Code.

History:
[68-10-404, added 2001, ch. 261, sec. 2, p. 953.]


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