02. Distribution from trust or estate. 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. (Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.) Section References This section is referenced in § 28-4804.01. Editor's Notes Uniform Law: This section is based upon § 402 of the Uniform Principal and Income Act (1997 Act).
District of Columbia Legal Code