72-34-422. Definitions.
72-34-422. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.
(2) "Fiduciary" means a personal representative or a trustee.
(3) "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in 72-34-433 through 72-34-447.
(4) "Income beneficiary" means a person to whom net income of a trust is or may be payable.
(5) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee's discretion.
(6) "Mandatory income interest" means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute.
(7) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period.
History: En. Sec. 2, Ch. 506, L. 2003.