MARVIN MANDEL, Governor                            53

description of each such transaction, and a statement of the amount
by which it affects the amounts referred to in paragraphs (a) and
(b);

(d)    the value of any assets remaining in the hands of the per-
sonal representative; and

(e)    a statement of whether the personal representative believes
there are or may be any assets not referred to in any inventory, the
nature of such assets, the extent of any effort to locate such assets,
and any other information which the personal representative may
deem desirable or appropriate.

7-303. Subsequent accounts.

After an initial account has been rendered, subsequent accounts,
whether filed by the same personal representative or by a successor,
shall contain the personal representative's certificate of:

(a)    the value of any assets remaining in the hands of the per-
sonal representative as shown in the last account;

(b)    the value of assets as shown in any inventory made since
the last account;

(c)    all receipts of the estate since the date of the last account;

(d)    the date of each purchase, sale, lease, transfer, compromise,
settlement, disbursement or distribution of assets since the last
account, a description of each such transaction, and a statement of
the amount by which it affects the amounts referred to in para-
graphs (a), (b) and (c);

(e)    the value of any assets remaining in the hands of the per-
sonal representative; and

(f)    a statement as required by Section 7-302(e).

7-304. Treatment of expenses and income during administration.

(a)    Expenses. Unless the will otherwise provides and subject to
subsection (b), all expenses incurred in connection with the settle-
ment of a decedent's estate, including debts, funeral expenses, the
estate's contribution to estate taxes and interest and penalties con-
cerning such taxes, family allowances, fees of attorneys and personal
representatives, and court costs shall be charged against the prin-
cipal of the estate.

(b)    Income. Unless the will otherwise provides, income from
the assets of a decedent's estate after the death of the testator and
before distribution, including income from property used to dis-
charge liabilities, shall be determined in accordance with the rules
applicable to a trustee under Article 75B and shall be distributed as
follows:

(1) to specific legatees, the income from the property to which
they are entitled, respectively, less taxes, ordinary repairs and other
expenses of management and operation relating to such property,
and an appropriate portion of interest accrued since the death of
the decedent and of taxes imposed on income (excluding taxes on
capital gains) which accrue during the period of administration;