Maryland Code, ESTATES AND TRUSTS 15-509
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, ESTATES AND TRUSTS 15-509
- Decedent: A deceased person.
- Donor: The person who makes a gift.
- Trustee: A person or institution holding and administering property in trust.
(a) 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.
(b) 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, § 15-508 or § 15-522 of this subtitle applies to a receipt from the trust.