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Utah Code Title 75A. Fiduciaries § 75A-5-408. Receipts normally apportioned--Insubstantial allocation not required

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) If a fiduciary determines that an allocation between income and principal required by Section 75A-5-409, 75A-5-410, 75A-5-411, 75A-5-412, or 75A-5-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless Subsection 75A-5-203(5) applies to the allocation.

(2) A fiduciary may presume an allocation is insubstantial under Subsection (1) if:

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

(b) the asset producing the receipt to be allocated has a fair market value less than 10% of the total fair market value of the assets owned or held by the fiduciary at the beginning of the accounting period.

(3) The power to make a determination under Subsection (1) may be:

(a) exercised by a co-fiduciary in the manner described in Subsection 75A-5-203(6); or

(b) released or delegated for a reason described in Subsection 75A-5-203(7) and in the manner described in Subsection 75A-5-203(8).

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Cite this article: FindLaw.com - Utah Code Title 75A. Fiduciaries § 75A-5-408. Receipts normally apportioned--Insubstantial allocation not required - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-75a-fiduciaries/ut-code-sect-75a-5-408/

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