55-277.11 - Distribution from trust or estate. - Virginia Statutes

§ 55-277.11. Distribution from trust or estate.

A trustee shall allocate to income an amount received as a distribution ofincome from a trust or an estate in which the trust has an interest otherthan a purchased interest, and shall allocate to principal an amount receivedas a distribution of principal from such a trust or estate. If a trusteepurchases an interest in a trust that is an investment entity, or a decedentor donor transfers an interest in such a trust to a trustee, § 55-277.10 or §55-277.24 applies to a receipt from the trust.

(1999, c. 975.)