|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
H.B. 939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(6) OTHER RECEIPTS AS PROVIDED IN PART III OF THIS SUBTITLE.
|
|
|
|
|
|
|
|
|
|
- 4621 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
