Kentucky Statutes 386.488 – Property not productive of income
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(1) If a marital deduction is allowed for all or part of a trust, the spouse may require the trustee to make the trust income productive.
(2) In cases not governed by subsection (1) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
Effective: January 1, 2005
History: Created 2004 Ky. Acts ch. 158, sec. 20, effective January 1, 2005.
(2) In cases not governed by subsection (1) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
Terms Used In Kentucky Statutes 386.488
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Trustee: A person or institution holding and administering property in trust.
Effective: January 1, 2005
History: Created 2004 Ky. Acts ch. 158, sec. 20, effective January 1, 2005.