58-9-402. Distribution from trust or estate. 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, K.S.A. 58-9-401 or 58-9-415, and amendments thereto, applies to a receipt from the trust.
History: L. 2000, ch. 61, § 11; July 1.
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