Kentucky Statutes 386.482 – Receipts from liquidating assets
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(1) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one (1) year under an arrangement that shall not provide for the payment of interest on the unpaid balance. The term shall not include an activity subject to KRS § 386.470(6), payment subject to KRS
386.480, resources subject to KRS § 386.484, timber subject to KRS § 386.486, or any asset for which the trustee establishes a reserve for depreciation under KRS
386.494.
(2) A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.
Effective: January 1, 2005
History: Created 2004 Ky. Acts ch. 158, sec. 17, effective January 1, 2005.
386.480, resources subject to KRS § 386.484, timber subject to KRS § 386.486, or any asset for which the trustee establishes a reserve for depreciation under KRS
Terms Used In Kentucky Statutes 386.482
- Trustee: A person or institution holding and administering property in trust.
- Year: means calendar year. See Kentucky Statutes 446.010
386.494.
(2) A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.
Effective: January 1, 2005
History: Created 2004 Ky. Acts ch. 158, sec. 17, effective January 1, 2005.