Indiana Code 30-2-14-24. Distributions of principal and income from trust or estate
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Sec. 24. A trustee shall allocate to:
(2) principal an amount received as a distribution of principal;
(1) income an amount received as a distribution of income; and
Terms Used In Indiana Code 30-2-14-24
- Decedent: A deceased person.
- Donor: The person who makes a gift.
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- principal: means property that is held in trust for distribution to a remainder beneficiary when the trust terminates or that will remain perpetually vested in the trustee. See Indiana Code 30-2-14-10
- Trustee: A person or institution holding and administering property in trust.
- trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Indiana Code 30-2-14-13
from a trust or an estate in which the trust has an interest other than a purchased interest. If a trustee 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 trustee, section 23 or 37 of this chapter applies to a receipt from the trust.
As added by P.L.84-2002, SEC.2.