reglab/housing_qa huggingface dataset:
AR Code § 28-70-501 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-501. Disbursements from income

 A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 28-70-201(2)(B) or (C) applies:   (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;  (2) one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;  (3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and  (4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
AR Code § 28-70-502 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-502. Disbursements from principal

 (a) A trustee shall make the following disbursements from principal:  (1) the remaining one-half of the disbursements described in § 28-70-501(1) and (2);  (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale;  (3) payments on the principal of a trust debt;  (4) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;  (5) premiums paid on a policy of insurance not described in § 28-70-501(4) of which the trust is the owner and beneficiary;  (6) estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and  (7) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.    (b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.
AR Code § 28-70-503 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-503. Transfers from income to principal for depreciation

 (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 § 28-70-403 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.
AR Code § 28-70-504 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-504. Transfers from income to reimburse principal

 (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.  (b) Principal disbursements to which subsection (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:  (1) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;  (2) a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;  (3) disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;  (4) periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and  (5) disbursements described in § 28-70-502(a)(7).    (c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (a).
AR Code § 28-70-505 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-505. Income taxes

 (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.  (b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.  (c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:  (1) from income to the extent that receipts from the entity are allocated only to income;  (2) from principal to the extent that receipts from the entity are allocated only to principal;  (3) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and  (4) from principal to the extent that the tax exceeds the total receipts from the entity.    (d) After applying subsections (a) through (c), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.
AR Code § 28-70-506 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 5 - Allocation of Disbursements During Administration of Trust|§ 28-70-506. Adjustments between principal and income because of taxes

 (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:  (1) elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to time regarding tax matters;  (2) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or  (3) the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.    (b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
AR Code § 28-70-601 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 6 - Miscellaneous Provisions|§ 28-70-601. Uniformity of application and construction

 In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.
AR Code § 28-70-602 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 6 - Miscellaneous Provisions|§ 28-70-602. Severability clause

 If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
AR Code § 28-70-604 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 6 - Miscellaneous Provisions|§ 28-70-604. Effective date

 This chapter takes effect on January 1, 2000.
AR Code § 28-70-605 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 6 - Miscellaneous Provisions|§ 28-70-605. Application of chapter to existing trusts and estates

 This chapter applies to every trust or decedent's estate existing on January 1, 2000, except as otherwise expressly provided in the will or terms of the trust or in this chapter.
AR Code § 28-70-606 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 70 - Uniform Principal And Income Act|Subchapter 6 - Miscellaneous Provisions|§ 28-70-606. Transitional matters

 Section 28-70-409, as amended by this act, applies to a trust described in § 28-70-409(d) on and after the following dates:   (1) If the trust is not funded as of July 27, 2011, the date of the decedent's death.  (2) If the trust is initially funded in the calendar year beginning January 1, 2011, the date of the decedent's death.  (3) If the trust is not described in paragraph (1) or (2), January 1, 2012.
AR Code § 28-72-101 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 1 - Missing Persons|§ 28-72-101. Jurisdiction of circuit courts

 The circuit courts of this state shall have jurisdiction of the estates of persons imprisoned in a foreign country and of the estates of missing persons.
AR Code § 28-72-102 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 1 - Missing Persons|§ 28-72-102. Appointment of trustee

 (a) It shall be the duty of the circuit courts to appoint some suitable person trustee of the estate of any person imprisoned in some foreign country or who may be missing and whose whereabouts are unknown, and who has a family or dependents residing in this state.  (b) The trustee shall be appointed upon the petition of any person dependent upon the services of the missing person, or person imprisoned in a foreign country, for his or her support.
AR Code § 28-72-103 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 1 - Missing Persons|§ 28-72-103. Powers and duties of trustee

 (a) Any trustee so appointed by the circuit court of this state shall have authority to collect and receive and give a receipt for all sums of money or property of any kind or character that may be due any missing person or person imprisoned in any foreign country.  (b) Upon receipt of property of any kind or anything of value, the trustee shall immediately report to the court the amount of money or other property received by him or her as trustee.  (c) The court shall have authority to authorize the trustee to use the funds or property in the amount and in the manner provided by an order of the court for the support and maintenance of the family or dependents of the missing person or person imprisoned in any foreign country.
AR Code § 28-72-104 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 1 - Missing Persons|§ 28-72-104. Bond of trustee

 (a) The trustee shall give bond in double the amount of property or money received and, upon the appearance of the missing person or person imprisoned in any foreign country, shall be required to account to and turn over to the person the balance of all funds or property not legally expended by the trustee under the order of the circuit court.  (b) The bondsmen shall be liable for any sums or property unaccounted for by the trustee, in the same manner that bondsmen of administrators in this state are liable on their bonds.
AR Code § 28-72-201 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-201. Public trusts authorized

 Express trusts may be created in real or personal property, or either or both, or any estate in either or both, with the state, or any governmental or municipal subdivision thereof, or any agency or department of either, or more than one (1) of any of the foregoing, as the beneficiary thereof, for the purpose of aiding or furthering or the providing of funds for the aiding or furthering of any one (1) or more proper functions of the beneficiary then authorized or which might lawfully be authorized. However, no funds of any beneficiary derived from other than trust sources shall be charged with or expended in the execution of the trust except by express lawful action of the beneficiary.
AR Code § 28-72-202 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-202. Acceptance of trust

 (a) No public trust shall become effective until the beneficial interest therein shall have been accepted by a beneficiary thereof, and the trust shall be effective only as to beneficiaries who have accepted beneficial interest thereunder.  (b) If the state or any of its agencies or departments shall be named as the beneficiary, the beneficial interests shall be accepted by the Governor, and if any governmental or municipal subdivision of the state is named as the beneficiary, the beneficial interests shall be accepted by the governing body thereof. The power and authority to accept beneficial interests under such trusts is conferred upon the Governor and such governing bodies.  (c) The acceptance of beneficial interest of any trust shall be endorsed upon the trust instrument by the accepting governmental authority.  (d) Upon acceptance, the trust instrument shall be a binding contract between the state and the designated beneficiary and the trustee of the trust for the acceptance of the beneficial interest therein and for the application of the trust property and its proceeds, and the operation of the trust, in accordance with the purposes set forth in the trust instrument. The trustee of the trust thereupon shall be the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created.
AR Code § 28-72-203 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-203. Trustee — Appointment and powers

 The instrument creating the trust may provide for the appointment, succession, powers, duties, term, and compensation of the trustee and may be for the term of the duration of any beneficiary or for a shorter term. In case of the failure of the trust instrument to make provision for any of the foregoing, or for anything necessary to the execution of the trust, the general laws of the state shall control with respect to the omission.
AR Code § 28-72-204 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-204. Lease of property to trustee

 The officers or any other governmental or municipal authorities having the custody, management, or control of any property of any beneficiary of such a trust, at the time of, or after, creation of the trust, may lease any such property as shall be needful in the execution of the trust to the trustee or trustees to implement the performance of the trust purposes for the benefit of the beneficiary.
AR Code § 28-72-205 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-205. Amendment or termination of trust instrument

 The instrument creating any public trust may be amended, or the trust may be terminated, by agreement of the trustee, or, if there is more than one (1) trustee, then of all of the trustees, and of the authority having the power of acceptance of beneficial interest thereunder. However, no such amendment or termination shall be effective while there exist any contractual obligations chargeable against the trust estate or its revenues unless the holder of the contractual obligations also agrees thereto.
AR Code § 28-72-206 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-206. Liability of trustee and the trust estate

 No trustee of such a trust, or any beneficiary thereof, shall be charged with any liability whatsoever by reason of any act or omission committed or suffered in the performance of the purposes of the trust. However, liability for any act or omission so committed or suffered shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge the liability, and not otherwise.
AR Code § 28-72-207 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 2 - Public Trusts|§ 28-72-207. Trust estate exempt from taxation

 For all purposes of taxation under the authority of the state or any of its governmental or taxing subdivisions, the trust estate and its revenues shall have the same immunities as other property and revenues of the beneficiary or beneficiaries not so in trust.
AR Code § 28-72-301 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 3 - Charitable Trusts|§ 28-72-301. Definition

 As used in this subchapter, unless the context otherwise requires, all references to “the code” are to the Internal Revenue Code of 1954, and all references to specific sections of the code include future amendments to the sections and corresponding provisions of any future federal tax laws.
AR Code § 28-72-302 (2020)
2020 Arkansas Code|Title 28 - Wills, Estates, and Fiduciary Relationships|Subtitle 5 - Fiduciary Relationships|Chapter 72 - Particular Trusts|Subchapter 3 - Charitable Trusts|§ 28-72-302. Amendment of trust instrument by operation of law — Exclusions

 (a) Notwithstanding any provision in the laws of this state or in the governing instrument to the contrary, except as provided in subsections (c) and (d) of this section, the governing instrument of each trust which is a private foundation as defined in section 509 of the Internal Revenue Code of 1954, including each nonexempt charitable trust as defined in section 4947(a)(1) of the code which is treated as a private foundation, and the governing instrument of each nonexempt split-interest trust as defined in section 4947(a)(2) of the code, but only to the extent that section 508(e) of the code is applicable to a nonexempt split-interest trust under section 4947(a)(2) of the code, shall be deemed to contain the following provisions: “The trust shall make distributions at such time and in such manner as not to become subject to the tax on undistributed income imposed by section 4942 of the Internal Revenue Code of 1954; the trust shall not engage in any act of self-dealing (as defined in section 4941(d) of the code) which would subject it to tax under section 4941 of the code; the trust shall not retain any excess business holdings (as defined in section 4943(c) of the code) which would subject it to tax under section 4943 of the code; the trust shall not make any investments in such manner as to incur tax liability under section 4944 of the code; and the trust shall not make any taxable expenditures (as defined in section 4945(d) of the code) which would subject it to tax under section 4945 of the code.”  (b) With respect to any such trust created prior to January 1, 1970, subsection (a) of this section shall apply only for its taxable years beginning on or after January 1, 1972.  (c) The provisions of subsection (a) of this section shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that the application would be contrary to the terms of the instrument governing the trust and that the terms may not properly be changed to conform to subsection (a) of this section.  (d) The trustee of any trust described in subsection (a) of this section, with the consent of the trustor if he or she is then living and competent to give consent, without judicial proceedings, may amend the trust to expressly exclude the application of this section by executing a written amendment to the trust and filing a duplicate original of the amendment with the Attorney General, and upon filing of the amendment, subsection (a) of this section shall not apply to the trust.  (e) Nothing contained herein shall impair the rights and powers of the courts, or any officer, agency, or department of this state, with respect to the trust.