A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under § 28-77-301 et seq., 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 shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, § 28-77-401, § 28-77-415, or § 28-77-416 applies to a receipt from the trust.Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Arkansas Legal Code