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, Section 116.151 or 116.178 applies to a receipt from the trust.
Tex. Prop. Code § 116.152
DISTRIBUTION FROM TRUST OR ESTATE
Known as the Texas Trust Code
The act spans §§ 111–116 (165 sections).
Applied in 1 court decision — leading case Estate of Larkin Anson Jones (2013)
Most recently applied in Estate of Larkin Anson Jones (February 2013)
Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.