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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 850. Income Taxes.
previous: Section 840
. Transfers From Income to Reimburse Principal.
next: Section 860
. Adjustments Between Principal and Income Because of Taxes.
AS 13.38.850. Income Taxes.
- (a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.
- (b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if
the tax is called an income tax by the taxing authority.
- (c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid
- (1) income, to the extent that receipts from the entity are allocated to income; and
- (2) principal, to the extent that
- (A) receipts from the entity are allocated to principal; and
- (B) the trust's share of the entity's taxable income exceeds the total receipts described in (1) of this subsection and
(A) of this paragraph.
- (d) For the purposes of this section, receipts allocated to principal or income shall be reduced by the amount distributed
to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
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