Except to the extent provided in Section 8 and Section 10, no portion of the net proceeds of the sale or other disposition of property (whether nonproductive, underproductive, or productive) shall be allocated to income.
760 ILCS 15/13
Nonapportionment of proceeds
Known as the Principal and Income Act
The act spans §§ 760-15-1 to 760-15-9 (18 sections).
P.A. 87-714.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.