Indiana Code 30-2-14-1. “Accounting period” defined
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Terms Used In Indiana Code 30-2-14-1
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Indiana Code 30-2-14-6
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
Sec. 1. As used in this chapter, “accounting period” means a calendar year unless another twelve (12) month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve (12) month period that begins when an income interest begins or ends when an income interest ends.
As added by P.L.84-2002, SEC.2.