Allocation of receipt or disbursement to principal when terms of trust and provisions of NRS do not provide rule.
Adjustment between principal and income Circumstances under which trustee authorized to convert trust into unitrust Administration of unitrust: Duties of trustee Administration of unitrust: Powers of trustee Trustee or beneficiary authorized to petition court to take certain actions concerning unitrust. Applicable rules after death of decedent or end of income interest in trust. Distribution of net income to beneficiaries Date on which income interest begins Allocation of certain income receipts and disbursements Payment of undistributed income upon end of mandatory income interest Allocation of money received from entity to income Allocation of amount received as distribution of income to income Accounting separately for business or other activity. Allocation of assets, money, property and other receipts to principal. Allocation of receipts from rental property to income Allocation of interest on obligation to pay money to trustee to income Allocation of proceeds of life insurance policy and certain contracts to principalAllocation of entire amount to principal if allocation between principal and income under certain circumstances is insubstantial.
Allocation of certain payments received because of services rendered or property transferred to payor in exchange for future payments to income or principal, or both
Allocation of receipts from liquidating assets to income and principal. Allocation of receipts from interest in minerals to income or to income and principal Allocation of net receipts from sale of timber and related products to income or principal, or bothRequest of spouse if marital deduction is allowed and amounts transferred from principal to income and distributed are insufficient to obtain marital deduction
Allocation of receipts from and disbursements made in connection with transactions in derivatives to principal
Allocation from proceeds of collateral financial assets to income and principal Disbursements required to be made from income Disbursements required to be made from principal. Transfer of net cash receipts from principal asset subject to depreciation to principal. Transfer of amount from income to principal to make certain principal disbursements. Payment of taxes required to be paid by trustee.Adjustments between principal and income to offset shifting economic interests or tax benefits between income beneficiaries and remainder beneficiaries
Last UpdatedPrincipal & Income (Unif. Act)’s source at nv.us
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Location: https://nevada.public.law/statutes/nrs_chapter_164_sub-chapter_management_and_investment_of_property>_sub-sub-chapter_principal_and_income_(uniform_act)
Original Source: Sub-sub-chapter — Principal and Income (Uniform Act), https://www.leg.state.nv.us/nrs/NRS-164.html (last accessed Feb. 5, 2021).
The legislature occasionally skips outline levels. For example:
(3) A person may apply [. ] (4)(a) A person petitioning for relief [. ]
In this example, (3), (4), and (4)(a) are all outline levels, but (4) was omitted by its authors. It's only implied. This presents an interesting challenge when laying out the text. We've decided to display a blank section with this note, in order to aide readability.
Trust but verify. Here is the original source for sub-sub-chapterDo you have an opinion about this solution? Drop us a line.