637.402 Distribution from trust or estate. 1. Subject to the terms of a recipient trust, 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 interestshall be allocated to income. 2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal. 3. 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, section 637.401 applies to a receiptfrom the trust. 99 Acts, ch 124, §10Referred to in §637.401 Sat Dec 23 12:19:07 2023 Iowa Code 2024, Section 637.402 (16, 0)
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