A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 28-4804.01 or § 28-4804.15 applies to a receipt from the trust.
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)
This section is referenced in § 28-4804.01.
Uniform Law: This section is based upon § 402 of the Uniform Principal and Income Act (1997 Act).
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