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Maine Revised Statutes Title 18-C. Probate Code § 7-463. Transfers from income to principal for depreciation

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

1. Depreciation. As used in this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year.

2. Reasonable amount of net cash receipts. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer for depreciation any amount:

A. Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

B. During the administration of a decedent's estate; or

C. Under this section if the trustee is accounting under section 7-443 for the business or activity in which the asset is used.

3. Separate fund not required. An amount transferred to principal pursuant to subsection 2 need not be held as a separate fund.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 18-C. Probate Code § 7-463. Transfers from income to principal for depreciation - last updated January 01, 2022 | https://codes.findlaw.com/me/title-18-c-probate-code/me-rev-st-tit-18-c-sect-7-463/

Read this complete Maine Revised Statutes Title 18-C. Probate Code § 7-463. Transfers from income to principal for depreciation on Westlaw

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