Maine Revised Statutes Title 18-C. Probate Code § 7-441. Character of receipts

1. Entity. As used in this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which section 7-442 applies, a business or activity to which section 7-443 applies or an asset-backed security to which section 7-455 applies.

2. Allocation to income; received from entity. Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.

3. Allocation to principal; received from entity. A trustee shall allocate the following receipts from an entity to principal:

4. Money received in partial liquidation. Money is received in partial liquidation:

5. Money not received in partial liquidation. Money is not received in partial liquidation, nor may it be taken into account under subsection 4, paragraph B, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.

6. Statement about source or character of distribution. A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.