LegalFix
Sign In

72-34-442. Receipts from liquidating assets -- allocation

MT Code § 72-34-442 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

72-34-442. Receipts from liquidating assets -- allocation. (1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to 72-34-441, natural resources subject to 72-34-443, timber subject to 72-34-444, a derivative or option subject to 72-34-446, an asset subject to 72-34-447, or any asset for which the trustee establishes a reserve for depreciation under 72-34-450.

(2) A trustee shall allocate to income 85% from a liquidating asset and the balance to principal.

History: En. Sec. 22, Ch. 506, L. 2003; amd. Sec. 5, Ch. 513, L. 2005.

Previous Section
72-34-441. Payments characterized as interest or dividend -- allocation to income -- allocation of other payments -- excess allocation to income in order to obtain estate tax marital deduction
Next Section
72-34-443. Receipts from mineral interests and other natural resources -- allocation