Montana Code 72-34-434. Allocation of amounts received from specified trusts or estates
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72-34-434. Allocation of amounts received from specified trusts or estates. A trustee shall allocate to income an amount received as a distribution of income from a trust or a decedent‘s estate, other than an interest in an investment entity, 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 the trust or estate.
Terms Used In Montana Code 72-34-434
- Decedent: A deceased person.
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
- Trustee: A person or institution holding and administering property in trust.