ARTICLE 4. Allocation of Receipts [16340. - 16355.]
Article 4 added by Stats. 2023, Ch. 28, Sec. 2.
§§ 16340–16355 · 16 sections
- § 16340 (a) The following definitions apply for purposes of this section: (1) “Capital distribution” means an entity distribution of money that is either of the…
- § 16341 A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under Article 3 (commencing with Section…
- § 16342 (a) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries…
- § 16343 A fiduciary shall allocate to principal any of the following: (a) To the extent not allocated to income under this chapter, an asset received from any of the…
- § 16344 To the extent a fiduciary does not account for the management of rental property as a business under Section 16342, the fiduciary shall allocate to income an…
- § 16345 (a) This section does not apply to an obligation to which Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355 applies. (b) A fiduciary shall allocate to…
- § 16346 (a) This section does not apply to a contract to which Section 16348 applies. (b) Except as otherwise provided in subdivision (c), a fiduciary shall allocate…
- § 16347 (a) If a fiduciary determines that an allocation between income and principal required by Section 16348, 16349, 16350, 16351, or 16354 is insubstantial, the…
- § 16348 (a) The following definitions apply for purposes of this section: (1) “Internal income of a separate fund” means the amount determined under subdivision (b).…
- § 16349 (a) For purposes of this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts…
- § 16350 (a) To the extent a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under Section 16432,…
- § 16351 (a) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under Section 16342, the fiduciary shall…
- § 16352 (a) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor’s spouse holds a mandatory income interest in the…
- § 16353 (a) For purposes of this section, “derivative” means a contract, instrument, other arrangement, or combination of contracts, instruments, or other…
- § 16354 (a) Except as otherwise provided in subdivision (b), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent…
- § 16355 A fiduciary shall allocate receipts from, or related to, a financial instrument or arrangement not otherwise addressed by this chapter. The allocation shall be…