22-3-402.  Receipts from entity — Distribution from trust or estate.

(1)  A fiduciary shall allocate:

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Terms Used In Utah Code 22-3-402

  • Fiduciary: A trustee, executor, or administrator.
(a)  to income an amount received as a distribution of income, including a unitrust distribution under 3, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity; and

(b)  to principal an amount received as a distribution of principal from the trust or estate.

(2)  If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, Section 22-3-401, 22-3-415, or 22-3-416 applies to a receipt from the trust.

Amended by Chapter 348, 2020 General Session

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