469.455. Depreciation not to be transferred.
Depreciation not to be transferred.
469.455. 1. As used in this section, the term "depreciation" means areduction in value due to wear, tear, decay, corrosion or gradualobsolescence of a fixed asset having a useful life of more than one year.
2. A trustee may transfer to principal a reasonable amount of the netcash receipts from a principal asset that is subject to depreciation, butmay not transfer any amount for depreciation:
(1) Of that portion of real property used or available for use by abeneficiary as a residence or of tangible personal property held or madeavailable for the personal use or enjoyment of a beneficiary;
(2) During the administration of a decedent's estate; or
(3) Pursuant to this section if the trustee is accounting pursuant tosection 469.427 for the business or activity in which the asset is used.
3. An amount transferred to principal need not be held as a separatefund.
(L. 2001 H.B. 241)