A trustee shall allocate to income 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, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. 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, § 55-13A-401 or 55-13A-415 applies to a receipt from the trust.
S.D. Codified Laws § 55-13A-402
Distribution from trust or estate
Known as the Uniform Principal and Income Act
The act spans §§ 55-13A-101 to 55-13A-602 (33 sections).
Source: SL 2007, ch 282, § 12.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.