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H.B. 939
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VETOES
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MINERALS, WATER, OR OTHER NATURAL RESOURCES AFTER OCTOBER 1, 2000, THE
TRUSTEE SHALL ALLOCATE RECEIPTS FROM THE INTEREST AS PROVIDED IN THIS
SUBTITLE.
15-519. TIMBER
(A) TO THE EXTENT THAT A TRUSTEE ACCOUNTS FOR RECEIPTS FROM THE
SALE OF TIMBER AND RELATED PRODUCTS PURSUANT TO THIS SECTION, THE
TRUSTEE SHALL ALLOCATE THE NET RECEIPTS:
(1) TO INCOME TO THE EXTENT THAT THE AMOUNT OF TIMBER
REMOVED FROM THE LAND DOES NOT EXCEED THE RATE OF GROWTH OF THE
TIMBER DURING THE ACCOUNTING PERIODS IN WHICH A BENEFICIARY HAS A
MANDATORY INCOME INTEREST;
(2) TO PRINCIPAL TO THE EXTENT THAT THE AMOUNT OF TIMBER .
REMOVED FROM THE LAND EXCEEDS THE RATE OF GROWTH OF THE TIMBER OR THE
NET RECEIPTS ARE FROM THE SALE OF STANDING TIMBER;
(3) TO OR BETWEEN INCOME AND PRINCIPAL IF THE NET RECEIPTS ARE
FROM THE LEASE OF TIMBERLAND OR FROM A CONTRACT TO CUT TIMBER FROM
LAND OWNED BY A TRUST, BY DETERMINING THE AMOUNT OF TIMBER REMOVED
FROM THE LAND UNDER THE LEASE OR CONTRACT AND APPLYING THE RULES IN
PARAGRAPHS (1) AND (2) OF THIS SUBSECTION; OR
(4) TO PRINCIPAL TO THE EXTENT THAT ADVANCE PAYMENTS,
BONUSES, AND OTHER PAYMENTS ARE NOT ALLOCATED PURSUANT TO PARAGRAPH
(1), (2), OR (3) OF THIS SUBSECTION.
(B) IN DETERMINING NET RECEIPTS TO BE ALLOCATED PURSUANT TO
SUBSECTION (A) OF THIS SECTION, A TRUSTEE SHALL DEDUCT AND TRANSFER TO
PRINCIPAL A REASONABLE AMOUNT FOR DEPLETION.
(C) THIS SUBTITLE APPLIES WHETHER OR NOT A DECEDENT OR TRANSFEROR
WAS HARVESTING TIMBER FROM THE PROPERTY BEFORE IT BECAME SUBJECT TO
THE TRUST.
(D) IF A TRUST OWNS AN INTEREST IN TIMBERLAND ON OCTOBER 1, 2001, THE
TRUSTEE MAY ALLOCATE NET RECEIPTS FROM THE SALE OF TIMBER AND RELATED
PRODUCTS AS PROVIDED IN THIS SUBTITLE OR IN THE MANNER USED BY THE
TRUSTEE BEFORE OCTOBER 1, 2000. IF THE TRUST ACQUIRES AN INTEREST IN
TIMBERLAND AFTER OCTOBER 1, 2000, THE TRUSTEE SHALL ALLOCATE NET
RECEIPTS FROM THE SALE OF TIMBER AND RELATED PRODUCTS AS PROVIDED IN
THIS SUBTITLE.
15-520. PROPERTY NOT PRODUCTIVE OF INCOME.
(A) IF A MARITAL DEDUCTION IS ALLOWED FOR ALL OR PART OF A TRUST
WHOSE ASSETS CONSIST SUBSTANTIALLY OF PROPERTY THAT DOES NOT PROVIDE
THE SPOUSE WITH SUFFICIENT INCOME FROM OR USE OF THE TRUST ASSETS, THE
SPOUSE MAY REQUIRE THE TRUSTEE TO MAKE PROPERTY PRODUCTIVE OF INCOME,
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- 4626 -
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