EPTL 11-A-4.4 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up SUBPART 2 Receipts Not Normally Apportioned next SECTION 11-A-4.5 Rental property Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 11-A-4.4 Principal receipts Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 11-A, PART 4, SUBPART 2 § 11-A-4.4 Principal receipts A trustee shall allocate to principal: (1) to the extent not allocated to income under this article, 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 subparagraph 11-A-5.2 (a)(7) 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 subpart 3.