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Delaware Code Title 12. Decedents' Estates and Fiduciary Relations § 61-408. Insubstantial allocations not required

Current as of January 01, 2022 | Updated by FindLaw Staff

If a trustee determines that an allocation between principal and income required by § 61-409, § 61-410, § 61-411, § 61-412 or § 61-415 of this title is insubstantial, the trustee may allocate the entire amount to principal unless 1 of the circumstances described in § 61-104(c) of this title applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in § 61-104(d) of this title and may be released for the reasons and in the manner described in § 61-104(e) of this title. An allocation is presumed to be insubstantial if:

(1) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or

(2) The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust's assets at the beginning of the accounting period.

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Cite this article: FindLaw.com - Delaware Code Title 12. Decedents' Estates and Fiduciary Relations § 61-408. Insubstantial allocations not required - last updated January 01, 2022 | https://codes.findlaw.com/de/title-12-decedents-estates-and-fiduciary-relations/de-code-sect-12-408/

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