Section 555.802 - Income; principal; allocation of amounts received as distributions from trust or purchased interest.
UNIFORM PRINCIPAL AND INCOME ACT (EXCERPT)
Act 159 of 2004
555.802 Income; principal; allocation of amounts received as distributions from trust or purchased interest.
Sec. 402.
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, section 401 or 415 applies to a receipt from the trust.
History: 2004, Act 159, Eff. Sept. 1, 2004