Receipts not normally apportioned -- Principal receipts.

Checkout our iOS App for a better way to browser and research.



  • (1) to the extent not allocated to income under this chapter, an asset received from:
    • (a) an individual during the individual's lifetime;
    • (b) an estate;
    • (c) a trust on termination of an income interest; or
    • (d) a payor under a contract naming the fiduciary as beneficiary;
  • (2) except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;
  • (3) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 22-3-502(1) or for another reason to the extent not based on loss of income;
  • (4) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the accounting period;
  • (5) net income received in an accounting period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income; and
  • (6) other receipts as provided in Part 3, Unitrust.




Download our app to see the most-to-date content.