Income taxes.

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  • (1) A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income.
  • (2) A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.
  • (3) Subject to Subsection (4) and Sections 22-3-504, 22-3-505, and 22-3-507, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period shall be paid from:
    • (a) income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and
    • (b) principal, to the extent that the tax exceeds the receipts from the entity in the accounting period.
  • (4) After applying Subsections (1) through (3), a fiduciary shall adjust income or principal receipts, to the extent that the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.




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