Iowa Code § 637.402
Distribution from trust or estate
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income.
1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income.
2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal.
2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal.
3. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 637.401 applies to a receipt from the trust.
3. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 637.401 applies to a receipt from the trust.
99 Acts, ch 124, §10
99 Acts, ch 124, §10
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.