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. 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, § 28-4804.01 or § 28-4804.15 applies to a receipt from the trust.
CREDIT(S)
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-292, see notes following § 28-4801.01.
Uniform Law
This section is based upon § 402 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.