(1) As used in this subpart 7, unless the context otherwise requires:
"Executor" means the executor named in a will and any successor executor and includes an administrator with the will annexed.
"Income" means the return derived from principal.
"Net probate income" means the income derived from property passing to the executor by will or by the execution of a power of appointment or from any substitute for such property acquired by purchase, exchange, or otherwise, including income derived from property which is used to discharge liabilities of the testator or of the executor in his or her representative capacity, and legacies payable in money, less any income taxes paid by the executor which are attributable to such income and less that share of administration expenses properly chargeable to income.
"Principal" means any realty or personalty which has been so set aside or limited bythe owner thereof or a person thereto legally empowered that it and any substitutions for it are eventually to be conveyed, delivered, or paid to a person, while the return therefrom or use thereof or any part of such return or use is in the meantime to be taken or received by or held for accumulation for the same or another person.
"Remainderman" means the person ultimately entitled to the principal, whether named or designated by the terms of the transaction by which the principal was established or determined by operation of law.
"Tenant" means the person to whom income is presently or currently payable or forwhom it is accumulated or who is entitled to the beneficial use of the principal presently and for a time prior to its distribution.
"Trustee" includes the original trustee of any trust to which the principal may besubject and also any succeeding or added trustee.
(2) This section shall be effective with respect to wills the testators of which die on or after April 18, 1961, to revocable inter vivos trusts the settlors of which die after said date, and to irrevocable inter vivos trusts which are created after said date.
Source: L. 2009: Entire section added, (HB 09-1241), ch. 169, p. 747, § 14, effective April 22.