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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 64.2. Wills, Trusts, and Fiduciaries |
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SUBTITLE III. Trusts |
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CHAPTER 10. Uniform Principal and Income Act |
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ARTICLE 4. Allocation of Receipts During Administration of Trust |
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SECTION 64.2-1010. Distribution from trust or estate |
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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, § 64.2-1009 or 64.2-1009 applies to a receipt from the trust. |