A trustee shall allocate to principal:
- To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;
- Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this subchapter;
- Amounts recovered from third parties to reimburse the trust because of disbursements described in § 28-4805.02(a)(7) or for other reasons to the extent not based on the loss of income;
- Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
- Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
- Other receipts as provided in part C of this subchapter.
Historical and Statutory
Legislative History of Laws
For Law 13-292, see notes following § 28-4801.01.
This section is based upon § 404 of the Uniform Principal and Income Act ((1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
DC CODE § 28-4804.04
Current through December 11, 2012
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)