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New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 11-A-5.3 Transfers from income to principal for depreciation

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) 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.

(b) 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 any amount for depreciation:

(1) 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;

(2) during the administration of a decedent's estate; or

(3) under this section if the trustee is accounting under 11-A-4.3 for the business or activity in which the asset is used.

(c) An amount transferred to principal need not be held as a separate fund.

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Cite this article: FindLaw.com - New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 11-A-5.3 Transfers from income to principal for depreciation - last updated January 01, 2024 | https://codes.findlaw.com/ny/estates-powers-and-trusts-law/ept-sect-11-a-5-3/

Read this complete New York Consolidated Laws, Estates, Powers and Trusts Law - EPT § 11-A-5.3 Transfers from income to principal for depreciation on Westlaw. Westlaw subscription required.

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