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Section 555.802 Income; Principal; Allocation of Amounts Received as Distributions From Trust or Purchased Interest.

MI Comp L § 555.802 (2019) (N/A)
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Sec. 402.

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, section 401 or 415 applies to a receipt from the trust.

History: 2004, Act 159, Eff. Sept. 1, 2004

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