Alabama Code (Last Updated: November 28, 2014) |
Title19 FIDUCIARIES AND TRUSTS. |
Chapter3A. ALABAMA PRINCIPAL AND INCOME ACT. |
Article4. Allocation of Receipts During Administration. |
§19-3A-402. Distributions from trust or decedent's estate.
Latest version.
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A fiduciary shall allocate to income an amount received as a distribution of income from a trust or a decedent's 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 decedent's estate. If a fiduciary 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 fiduciary, then Section 19-3A-401 or Section 19-3A-415 applies to a receipt from such a trust.