Iowa Code 637.402 – Distribution from trust or estate
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Terms Used In Iowa Code 637.402
- Decedent: A deceased person.
- Donor: The person who makes a gift.
- Trustee: A person or institution holding and administering property in trust.
637.402 Distribution from trust or estate.
1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income.
2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal.
3. 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, § 637.401 applies to a receipt from the trust.
99 Acts, ch 124, §10
Referred to in §637.401
1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income.
2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal.
3. 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, § 637.401 applies to a receipt from the trust.
99 Acts, ch 124, §10
Referred to in §637.401