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PARRIS N. GLENDENING, Governor
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Ch. 292
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RECORDS. IF A TRUSTEE SELLS ASSETS OF THE BUSINESS OR OTHER ACTIVITY,
OTHER THAN IN THE ORDINARY COURSE OF THE BUSINESS OR ACTIVITY, THE
TRUSTEE SHALL ACCOUNT FOR THE NET AMOUNT RECEIVED AS PRINCIPAL IN THE
TRUST'S GENERAL ACCOUNTING RECORDS TO THE EXTENT THE TRUSTEE
DETERMINES THAT THE AMOUNT RECEIVED IS NO LONGER REQUIRED IN THE
CONDUCT OF THE BUSINESS.
(C) ACTIVITIES FOR WHICH A TRUSTEE MAY MAINTAIN SEPARATE
ACCOUNTING RECORDS INCLUDE:
(1} RETAIL, MANUFACTURING, SERVICE, AND OTHER TRADITIONAL
BUSINESS ACTIVITIES;
(2) FARMING;
(3) RAISING AND SELLING LIVESTOCK AND OTHER ANIMALS;
(4) MANAGEMENT OF RENTAL PROPERTIES;
(5) EXTRACTION OF MINERALS AND OTHER NATURAL RESOURCES;
(6) TIMBER OPERATIONS; AND
(7) ACTIVITIES TO WHICH § 15-521 OF THIS SUBTITLE APPLIES.
SUBPART B. RECEIPTS NOT NORMALLY APPORTIONED.
15-511. PRINCIPAL RECEIPTS.
A TRUSTEE SHALL ALLOCATE TO PRINCIPAL:
(1) TO THE EXTENT NOT ALLOCATED TO INCOME UNDER THIS
SUBTITLE, ASSETS RECEIVED FROM A TRANSFEROR DURING THE TRANSFEROR'S
LIFETIME, A DECEDENT'S ESTATE, A TRUST WITH A TERMINATING INCOME
INTEREST, OR A PAYER UNDER A CONTRACT NAMING THE TRUST OR ITS TRUSTEE AS
BENEFICIARY;
(2) MONEY OR OTHER PROPERTY RECEIVED FROM THE SALE,
EXCHANGE, LIQUIDATION, OR CHANGE IN FORM OF A PRINCIPAL ASSET, INCLUDING
REALIZED PROFIT, SUBJECT TO THIS SUBTITLE;
(3) AMOUNTS RECOVERED FROM THIRD PARTIES TO REIMBURSE THE
TRUST BECAUSE OF DISBURSEMENTS DESCRIBED IN § 15-524(A)(9) OF THIS SUBTITLE
OR FOR OTHER REASONS TO THE EXTENT NOT BASED ON THE LOSS OF INCOME;
(4) PROCEEDS OF PROPERTY TAKEN BY EMINENT DOMAIN, BUT A
SEPARATE AWARD MADE FOR THE LOSS OF INCOME WITH RESPECT TO AN
ACCOUNTING PERIOD DURING WHICH A CURRENT INCOME BENEFICIARY HAD A
MANDATORY INCOME INTEREST IS INCOME;
(5) NET INCOME RECEIVED IN AN ACCOUNTING PERIOD DURING WHICH
THERE IS NO BENEFICIARY TO WHOM A TRUSTEE MAY OR MUST DISTRIBUTE
INCOME; AND
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- 1711 -
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