(1) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.
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Terms Used In Utah Code 22-3-503

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
(2) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

     (2)(a) of the part of real property used or available for use by a beneficiary as a residence;
     (2)(b) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or
     (2)(c) under this section, to the extent the fiduciary accounts:

          (2)(c)(i) under Section 22-3-410 for the asset; or
          (2)(c)(ii) under Section 22-3-403 for the business or other activity in which the asset is used.
(3) An amount transferred to principal under this section need not be separately held.

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