reglab/housing_qa huggingface dataset:
UT Code § 22-3-402 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 402 - Receipts from entity -- Distribution from trust or estate.

 Effective 7/1/2020  22-3-402. Receipts from entity -- Distribution from trust or estate.    (1) A fiduciary shall allocate:   (a) to income an amount received as a distribution of income, including a unitrust distribution under Part 3, Unitrust, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity; and     (b) to principal an amount received as a distribution of principal from the trust or estate.       (2) If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, Section 22-3-401, 22-3-415, or 22-3-416 applies to a receipt from the trust.    Amended by Chapter 348, 2020 General Session
UT Code § 22-3-403 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 403 - Receipts from entity -- Business or other activity conducted by fiduciary.

 Effective 7/1/2020  22-3-403. Receipts from entity -- Business or other activity conducted by fiduciary.    (1) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of:   (a) accounting for the business or other activity as part of the fiduciary's general accounting records; or     (b) conducting the business or other activity through an entity described in Subsection 22-3-401(1)(b)(i).       (2) A fiduciary may account separately under this section for the transactions of a business or other activity, whether or not assets of the business or other activity are segregated from other assets held by the fiduciary.     (3) A fiduciary that accounts separately under this section for a business or other activity:   (a) may determine:   (i) the extent to which the net cash receipts of the business or other activity shall be retained for:   (A) working capital;     (B) the acquisition or replacement of fixed assets; and     (C) other reasonably foreseeable needs of the business or other activity; and       (ii) the extent that the remaining net cash receipts are accounted for as principal or income in the fiduciary's general accounting records for the trust;       (b) may make a determination under Subsection (3)(a) separately and differently from the fiduciary's decisions concerning distributions of income or principal; and     (c) shall account for the net amount received from the sale of an asset of the business or other activity, other than a sale in the ordinary course of the business or other activity, as principal in the fiduciary's general accounting records for the trust, to the extent the fiduciary determines that the net amount received is no longer required in the conduct of the business or other activity.       (4) A fiduciary may account separately under this section for activities that include:   (a) retail, manufacturing, service, and other traditional business activities;     (b) farming;     (c) raising and selling livestock and other animals;     (d) managing rental properties;     (e) extracting minerals, water, and other natural resources;     (f) growing and cutting timber;     (g) an activity to which Section 22-3-414, 22-3-415, or 22-3-416 applies; and     (h) any other business conducted by the fiduciary.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-404 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 404 - Receipts not normally apportioned -- Principal receipts.

 Effective 7/1/2020  22-3-404. Receipts not normally apportioned -- Principal receipts.  A fiduciary shall allocate to principal:  (1) to the extent not allocated to income under this chapter, an asset received from:   (a) an individual during the individual's lifetime;     (b) an estate;     (c) a trust on termination of an income interest; or     (d) a payor under a contract naming the fiduciary as beneficiary;       (2) except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;     (3) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 22-3-502(1) or for another reason to the extent not based on loss of income;     (4) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the accounting period;     (5) net income received in an accounting period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income; and     (6) other receipts as provided in Part 3, Unitrust.    Amended by Chapter 348, 2020 General Session
UT Code § 22-3-405 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 405 - Receipts not normally apportioned -- Rental property.

 Effective 7/1/2020  22-3-405. Receipts not normally apportioned -- Rental property.    (1) To the extent a fiduciary does not account for the management of rental property as a business under Section 22-3-403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease.     (2) An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:   (a) shall be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and     (b) is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-406 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 406 - Receipts not normally apportioned -- Receipt on obligation to be paid in money.

 Effective 7/1/2020  22-3-406. Receipts not normally apportioned -- Receipt on obligation to be paid in money.    (1) This section does not apply to an obligation to which Section 22-3-409, 22-3-410, 22-3-411, 22-3-412, 22-3-414, 22-3-415, or 22-3-416 applies.     (2) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.     (3)   (a) A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary.     (b) A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.      Repealed and Re-enacted by Chapter 495, 2019 General Session
UT Code § 22-3-407 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 407 - Receipts not normally apportioned -- Insurance policy or contract.

 Effective 7/1/2020  22-3-407. Receipts not normally apportioned -- Insurance policy or contract.    (1) This section does not apply to a contract to which Section 22-3-409 applies.     (2)   (a) Except as otherwise provided in Subsection (3), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset.     (b) The fiduciary shall allocate dividends on an insurance policy:   (i) to income, to the extent premiums on the policy are paid from income; and     (ii) to principal, to the extent premiums on the policy are paid from principal.         (3) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:   (a) occupancy or other use by a current income beneficiary;     (b) income; or     (c) subject to Section 22-3-403, profits from a business.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-408 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 408 - Receipts normally apportioned -- Insubstantial allocation not required.

 Effective 7/1/2020  22-3-408. Receipts normally apportioned -- Insubstantial allocation not required.    (1) If a fiduciary determines that an allocation between income and principal required by Section 22-3-409, 22-3-410, 22-3-411, 22-3-412, or 22-3-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless Subsection 22-3-203(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 22-3-203(6); or     (b) released or delegated for a reason described in Subsection 22-3-203(7) and in the manner described in Subsection 22-3-203(8).      Repealed and Re-enacted by Chapter 495, 2019 General Session
UT Code § 22-3-410 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 410 - Receipts normally apportioned -- Liquidating asset.

 Effective 7/1/2020  22-3-410. Receipts normally apportioned -- Liquidating asset.    (1) In this section:   (a) "Liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time.     (b) "Liquidating asset" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.       (2) This section does not apply to a receipt subject to Section 22-3-401, 22-3-409, 22-3-411, 22-3-412, 22-3-414, 22-3-415, 22-3-416, or 22-3-503.     (3) A fiduciary shall allocate:   (a) to income:   (i) a receipt produced by a liquidating asset, to the extent the receipt does not exceed 3% of the value of the asset; or     (ii) if the fiduciary cannot determine the value of the asset, 10% of the receipt; and       (b) to principal, the balance of the receipt.      Repealed and Re-enacted by Chapter 495, 2019 General Session
UT Code § 22-3-411 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 411 - Receipts normally apportioned -- Minerals, water, and other natural resources.

 Effective 7/1/2020  22-3-411. Receipts normally apportioned -- Minerals, water, and other natural resources.    (1) To the extent that a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under Section 22-3-403, the fiduciary shall allocate the receipt:   (a) to income, to the extent received:   (i) as delay rental or annual rent on a lease;     (ii) as a factor for interest or the equivalent of interest under an agreement creating a production payment; or     (iii) on account of an interest in renewable water;       (b) to principal, if received from a production payment, to the extent that Subsection (1)(a)(ii) does not apply; or     (c) between income and principal equitably, to the extent received:   (i) on account of an interest in nonrenewable water;     (ii) as a royalty, shut-in-well payment, take-or-pay payment, or bonus; or     (iii) from a working interest or any other interest not provided for in Subsection (1)(a) or (b) or Subsection (1)(c)(i) or (ii).         (2) This section applies to an interest owned or held by a fiduciary regardless of whether a settlor was extracting minerals, water, or other natural resources before the fiduciary owned or held the interest.     (3) An allocation of a receipt under Subsection (1)(c) is presumed to be equitable if the amount allocated to principal is equal to the amount allowed by the Internal Revenue Code as a deduction for depletion of the interest.     (4)   (a) If a fiduciary owns or holds an interest in minerals, water, or other natural resources before July 1, 2020, the fiduciary may allocate receipts from the interest as provided in this section or in the manner used by the fiduciary before July 1, 2020.     (b) If the fiduciary acquires an interest in minerals, water, or other natural resources on or after July 1, 2020, the fiduciary shall allocate receipts from the interest as provided in this section.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-412 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 412 - Receipts normally apportioned -- Timber.

 Effective 7/1/2020  22-3-412. Receipts normally apportioned -- Timber.    (1) To the extent that a fiduciary does not account for receipts from the sale of timber and related products as a business under Section 22-3-403, the fiduciary shall allocate the net receipts:   (a) to income, to the extent that the amount of timber cut from the land does not exceed the rate of growth of the timber;     (b) to principal, to the extent that the amount of timber cut from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;     (c) between income and principal if the net receipts are from the lease of land used for growing and cutting timber or from a contract to cut timber from land, by determining the amount of timber cut from the land under the lease or contract and applying the rules in Subsections (1)(a) and (b); or     (d) to principal, to the extent that advance payments, bonuses, and other payments are not allocated under Subsection (1)(a), (b), or (c).       (2) In determining net receipts to be allocated under Subsection (1), a fiduciary shall deduct and transfer to principal a reasonable amount for depletion.     (3) This section applies to land owned or held by a fiduciary regardless of whether a settlor was cutting timber from the land before the fiduciary owned or held the property.     (4)   (a) If a fiduciary owns or holds an interest in land used for growing and cutting timber before July 1, 2020, the fiduciary may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the fiduciary before July 1, 2020.     (b) If the fiduciary acquires an interest in land used for growing and cutting timber on or after July 1, 2020, the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-413 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 413 - Receipts normally apportioned -- Marital deduction property not productive of income.

 Effective 7/1/2020  22-3-413. Receipts normally apportioned -- Marital deduction property not productive of income.    (1) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:   (a) make property productive of income;     (b) convert property to property productive of income within a reasonable time; or     (c) exercise the power to adjust under Section 22-3-203.       (2) The trustee may decide which action or combination of actions in Subsection (1) to take.    Repealed and Re-enacted by Chapter 495, 2019 General Session
UT Code § 22-3-414 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 414 - Receipts normally apportioned -- Derivative or option.

 Effective 7/1/2020  22-3-414. Receipts normally apportioned -- Derivative or option.    (1) In this section:   (a) "Derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, for which the value, rights, and obligations are, in whole or in part, dependent on or derived from an underlying tangible or intangible asset, group of tangible or intangible assets, index, or occurrence of an event.     (b) "Derivative" includes stocks, fixed income securities, and financial instruments and arrangements based on indices, commodities, interest rates, weather-related events, and credit-default events.       (2) To the extent that a fiduciary does not account for a transaction in derivatives as a business under Section 22-3-403, the fiduciary shall allocate:   (a) 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction to income; and     (b) the balance to principal.       (3) Subsection (4) applies if:   (a) a fiduciary:   (i) grants an option to buy property from a trust, regardless of whether the trust owns the property when the option is granted;     (ii) grants an option that permits another person to sell property to the trust; or     (iii) acquires an option to buy property for the trust or an option to sell an asset owned by the trust; and       (b) the fiduciary or other owner of the asset is required to deliver the asset if the option is exercised.       (4) If this subsection applies, the fiduciary shall allocate 10% to income and the balance to principal of the following amounts:   (a) an amount received for granting the option;     (b) an amount paid to acquire the option; and     (c) gain or loss realized on the exercise, exchange, settlement, offset, closing, or expiration of the option.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-415 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 415 - Receipts normally apportioned -- Asset-backed security.

 Effective 7/1/2020  22-3-415. Receipts normally apportioned -- Asset-backed security.    (1) Except as otherwise provided in Subsection (2), a fiduciary shall allocate:   (a) to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from interest or other current return; and     (b) to principal, the balance of the receipt.       (2) If a fiduciary receives one or more payments in exchange for part or all of the fiduciary's interest in an asset-backed security, including a liquidation or redemption of the fiduciary's interest in the security, the fiduciary shall allocate:   (a) to income, 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction; and     (b) to principal, the balance of the receipts and disbursements.      Amended by Chapter 348, 2020 General Session
UT Code § 22-3-416 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 4 - Allocation of Receipts|Section 416 - Receipts normally apportioned -- Other financial instrument or arrangement.

 Effective 7/1/2020  22-3-416. Receipts normally apportioned -- Other financial instrument or arrangement.    (1) A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this chapter.     (2) The allocation must be consistent with Sections 22-3-414 and 22-3-415.    Enacted by Chapter 495, 2019 General Session
UT Code § 22-3-501 (2021)
2021 Utah Code|Title 22 - Fiduciaries and Trusts|Chapter 3 - Uniform Fiduciary Income and Principal Act|Part 5 - Allocation of Disbursements|Section 501 - Disbursement from income.

 Effective 7/1/2020  22-3-501. Disbursement from income.  Subject to Section 22-3-504, and except as otherwise provided in Subsection 22-3-601(3)(b) or (c), a fiduciary shall disburse from income:  (1) one-half of:   (a) the regular compensation of the fiduciary and any person providing investment advisory, custodial, or other services to the fiduciary, to the extent income is sufficient; and     (b) an expense for an accounting, judicial or nonjudicial proceeding, or other matter that involves both income and successive interests, to the extent income is sufficient;       (2) the balance of the disbursements described in Subsection (1), to the extent a fiduciary that is an independent person determines that making those disbursements from income would be in the interests of the beneficiaries;     (3) another ordinary expense incurred in connection with administration, management, or preservation of property and distribution of income, including interest, an ordinary repair, regularly recurring tax assessed against principal, and an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily an income interest, to the extent income is sufficient; and     (4) a premium on insurance covering loss of a principal asset or income from or use of the asset.    Repealed and Re-enacted by Chapter 495, 2019 General Session