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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 600. Character of Receipts.
previous: Section 570
. Apportionment When Income Interest Ends.
next: Section 610
. Distribution From Trust or Estate.
AS 13.38.600. Character of Receipts.
- (a) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity,
including reinvested cash dividends.
- (b) A trustee shall allocate the following receipts from an entity to principal:
- (1) property other than money excluding reinvested cash dividends;
- (2) money received in one distribution or a series of related distributions in exchange for part or all of a trust's
interest in the entity;
- (3) money received in total or partial liquidation of the entity;
- (4) money received from an entity that is a regulated investment company or a real estate investment trust if the money
distributed is a short-term or long-term capital gain dividend for federal income tax purposes.
- (c) Money is received in partial liquidation
- (1) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial
- (2) if the total amount of money and property received in a distribution or series of related distributions is greater
than 20 percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately
preceding the initial receipt.
- (d) Money is not received in partial liquidation, and it may not be taken into account under (c)(2) of this section, to
the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of
the entity that distributes the money.
- (e) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement
is made at or near the time of distribution by the entity's board of directors or other person or group of persons
authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of
- (f) In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company,
real estate investment trust, common trust fund, or another organization in which a trustee has an interest, but does
- (1) a trust or estate to which AS 13.38.610
- (2) a business or activity to which AS 13.38.620
- (3) a payment to which AS 13.38.690
- (4) an asset-backed security to which AS 13.38.750
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