§ 9:2141 A trust shall be administered with due regard to the respective interests of the beneficiaries in the allocation of receipts and expenses.
§ 9:2142 A trust receipt or expense shall be allocated to income or principal or partly to each:
§ 9:2143 A trust is administered with due regard to the respective interests of beneficiaries of usufruct and naked ownership in the allocation of receipts and expenses to the beneficiary of
§ 9:2144 Receipts paid or delivered in return for the use of property forming a part of principal are income, unless this Subpart expressly provides to the contrary.
§ 9:2145 The right of an income beneficiary to income from property in trust arises at the time prescribed in the trust instrument, or, if no time is prescribed and the person receiving the r
§ 9:2146 A. In the administration of property transferred in trust:
§ 9:2147 Upon the termination of an income interest, the income beneficiary whose interest is terminated, or his heirs, legatees, or assignees, is entitled to receive any required distri
§ 9:2148 Succession receipts and expenses shall be allocated to a legacy in trust in accordance with what is reasonable and equitable in view of the interests of those entitled to income as w
§ 9:2149 A. Except as otherwise provided in this Section, a trustee shall allocate to income money received on account of an interest in a juridical person.
§ 9:2150 A. An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received in return for
§ 9:2151 The receipts and expenses of a sole proprietorship shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well
§ 9:2151.1 A. A trustee shall allocate to principal the proceeds of a life insurance policy in which the trustee is named as beneficiary.
§ 9:2151.2 A. Payments made in money or other property to a trustee over a period of years or during the life of an individual from an annuity, an individual retirement account, an employee-ben
§ 9:2152 A. To the extent that a trustee accounts for receipts from an interest in mineral rights or other interest in oil, gas, or other minerals pursuant to this Section, the trustee shall
§ 9:2153 A. If part of the principal consists of land from which timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with what is reasona
§ 9:2154 A. Except as provided in R.S. 9:2152 and 2153, if the principal consists of property subject to depletion, the receipts shall be allocated in accordance with what is reasonable and e
§ 9:2155 Acts 2020, No. 17, §2, eff. Jan. 1, 2021.
§ 9:2156 A. The following charges shall be made against income:
§ 9:2156.1 A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation but may not transfer any amount for depreciati
§ 9:2156.2 A. A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.
§ 9:2157

Terms Used In Louisiana Revised Statutes > Title 9 > CODE TITLE II > Chapter 1 > Part V > Subpart D - Allocation to Income and Principal

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Donor: The person who makes a gift.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Inter vivos: Transfer of property from one living person to another living person.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legacy: A gift of property made by will.
  • Legatee: A beneficiary of a decedent
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
  • Trustee: A person or institution holding and administering property in trust.