reglab/housing_qa huggingface dataset:
WA Rev Code § 11.104B.180 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.180 - Unitrust—Special tax benefits—Other rules.

RCW 11.104B.180 Unitrust—Special tax benefits—Other rules. (Effective January 1, 2022.)(1) A unitrust policy may:(a) Provide methods and standards for:(i) Determining the timing of distributions;(ii) Making distributions in cash or in-kind or partly in cash and partly in-kind; or(iii) Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;(b) Specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or(c) Provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.(2) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:(a) The unitrust rate established under RCW 11.104B.150 may not be less than three percent or more than five percent;(b) The only provisions of RCW 11.104B.160 that apply are RCW 11.104B.160 (1) and (2)(a), (d), (e)(i), and (i);(c) The only period that may be used under RCW 11.104B.170 is a calendar year under RCW 11.104B.170(1)(a); and(d) The only other provisions of RCW 11.104B.170 that apply are RCW 11.104B.170(2) (b)(i) and (c).[ 2021 c 140 § 2309.]
WA Rev Code § 11.104B.210 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.210 - Receipts from entities—Distributions from trusts and estates.

RCW 11.104B.210 Receipts from entities—Distributions from trusts and estates. (Effective January 1, 2022.)A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under Article 3 of this chapter, 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 shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, RCW 11.104B.200, 11.104B.340, or 11.104B.350 applies to a receipt from the trust.[ 2021 c 140 § 2402.]
WA Rev Code § 11.104B.220 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.220 - Receipts from entities—Businesses and other activities conducted by fiduciary.

RCW 11.104B.220 Receipts from entities—Businesses and other activities conducted by fiduciary. (Effective January 1, 2022.)(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 RCW 11.104B.200(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 must 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 to which 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 (a) of this subsection (3) 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) Activities for which a fiduciary may account separately under this section 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 RCW 11.104B.330, 11.104B.340, or 11.104B.350 applies; and(h) Any other business conducted by the fiduciary.[ 2021 c 140 § 2403.]
WA Rev Code § 11.104B.230 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.230 - Receipts not normally apportioned—Principal receipts.

RCW 11.104B.230 Receipts not normally apportioned—Principal receipts. (Effective January 1, 2022.)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 article, 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 RCW 11.104B.410(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 period;(5) Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and(6) Other receipts as provided in RCW 11.104B.270 through 11.104B.350.[ 2021 c 140 § 2404.]
WA Rev Code § 11.104B.240 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.240 - Receipts not normally apportioned—Rental property.

RCW 11.104B.240 Receipts not normally apportioned—Rental property. (Effective January 1, 2022.)To the extent a fiduciary does not account for the management of rental property as a business under RCW 11.104B.220, 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. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:(1) Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this chapter; and(2) 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.[ 2021 c 140 § 2405.]
WA Rev Code § 11.104B.250 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.250 - Receipts not normally apportioned—Receipt on obligation to be paid in money.

RCW 11.104B.250 Receipts not normally apportioned—Receipt on obligation to be paid in money. (Effective January 1, 2022.)(1) This section does not apply to an obligation to which RCW 11.104B.280, 11.104B.290, 11.104B.300, 11.104B.310, 11.104B.330, 11.104B.340, or 11.104B.350 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 fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. 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.[ 2021 c 140 § 2406.]
WA Rev Code § 11.104B.260 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.260 - Receipts not normally apportioned—Insurance policies and contracts.

RCW 11.104B.260 Receipts not normally apportioned—Insurance policies and contracts. (Effective January 1, 2022.)(1) This section does not apply to a contract to which RCW 11.104B.280 applies.(2) Except as otherwise provided in subsection (3) of this section, 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. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and 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 RCW 11.104B.220, profits from a business.[ 2021 c 140 § 2407.]
WA Rev Code § 11.104B.270 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.270 - Receipts normally apportioned—Insubstantial allocation not required.

RCW 11.104B.270 Receipts normally apportioned—Insubstantial allocation not required. (Effective January 1, 2022.)(1) If a fiduciary determines that an allocation between income and principal required by RCW 11.104B.280, 11.104B.290, 11.104B.300, 11.104B.310, or 11.104B.340 is insubstantial, the fiduciary may allocate the entire amount to principal, unless RCW 11.104B.070(5) applies to the allocation.(2) A fiduciary may presume an allocation is insubstantial under subsection (1) of this section 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 percent; and(b) The asset producing the receipt to be allocated has a fair market value less than 10 percent 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) of this section may be:(a) Exercised by a cofiduciary in the manner described in RCW 11.104B.070(6); or(b) Released or delegated for a reason described in RCW 11.104B.070(7) and in the manner described in RCW 11.104B.070(8).[ 2021 c 140 § 2408.]
WA Rev Code § 11.104B.290 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.290 - Receipts normally apportioned—Liquidating assets.

RCW 11.104B.290 Receipts normally apportioned—Liquidating assets. (Effective January 1, 2022.)(1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term 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 RCW 11.104B.200, 11.104B.280, 11.104B.300, 11.104B.310, 11.104B.330, 11.104B.340, 11.104B.350, or 11.104B.420.(3) A fiduciary shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.[ 2021 c 140 § 2410.]
WA Rev Code § 11.104B.300 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.300 - Receipts normally apportioned—Minerals, water, and other natural resources.

RCW 11.104B.300 Receipts normally apportioned—Minerals, water, and other natural resources. (Effective January 1, 2022.)(1) To the extent a fiduciary accounts for a receipt from an interest in minerals, water, or other natural resources pursuant to this section, the fiduciary shall allocate the receipt:(a) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income;(b) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal;(c) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 90 percent must be allocated to principal and the balance to income; or(d) If an amount is received from a working interest or any other interest not provided for in (a), (b), or (c) of this subsection, 90 percent of the net amount received must be allocated to principal and the balance to income.(2) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 90 percent of the amount must be allocated to principal and the balance to income.(3) This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.(4) If a fiduciary owns or holds an interest in minerals, water, or other natural resources on January 1, 2022, the fiduciary may allocate receipts from the interest as provided in this chapter or in the manner used by the fiduciary before January 1, 2022. If the fiduciary acquires an interest in minerals, water, or other natural resources after January 1, 2022, the fiduciary shall allocate receipts from the interest as provided in this chapter.[ 2021 c 140 § 2411.]
WA Rev Code § 11.104B.310 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.310 - Receipts normally apportioned—Timber.

RCW 11.104B.310 Receipts normally apportioned—Timber. (Effective January 1, 2022.)(1) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under RCW 11.104B.220, the fiduciary shall allocate the net receipts:(a) To income, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber;(b) To principal, to the extent 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 (a) or (b) of this subsection; or(d) To principal, to the extent advance payments, bonuses, and other payments are not allocated under (a), (b), or (c) of this subsection.(2) In determining net receipts to be allocated under subsection (1) of this section, 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 whether or not a settlor was cutting timber from the land before the fiduciary owned or held the property.(4) If a fiduciary owns or holds an interest in land used for growing and cutting timber before January 1, 2022, 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 January 1, 2022. If the fiduciary acquires an interest in land used for growing and cutting timber on or after January 1, 2022, the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.[ 2021 c 140 § 2412.]
WA Rev Code § 11.104B.320 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.320 - Receipts normally apportioned—Marital deduction property not productive of income.

RCW 11.104B.320 Receipts normally apportioned—Marital deduction property not productive of income. (Effective January 1, 2022.)(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 RCW 11.104B.070.(2) The trustee may decide which action or combination of actions in subsection (1) of this section to take.[ 2021 c 140 § 2413.]
WA Rev Code § 11.104B.330 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.330 - Receipts normally apportioned—Derivatives and options.

RCW 11.104B.330 Receipts normally apportioned—Derivatives and options. (Effective January 1, 2022.)(1) In this section, "derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which 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. The term 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 a fiduciary does not account for a transaction in derivatives as a business under RCW 11.104B.220, the fiduciary shall allocate all receipts from the transaction and all disbursements made in connection with the transaction to principal.(3) Subsection (4) of this section applies if:(a) A fiduciary:(i) Grants an option to buy property from a trust, whether or not 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 percent 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.[ 2021 c 140 § 2414.]
WA Rev Code § 11.104B.340 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.340 - Receipts normally apportioned—Asset-backed securities.

RCW 11.104B.340 Receipts normally apportioned—Asset-backed securities. (Effective January 1, 2022.)(1) If a fiduciary receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the fiduciary shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.(2) If a fiduciary receives one or more payments in exchange for the fiduciary's entire interest in an asset-backed security in one accounting period, the fiduciary shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the fiduciary shall allocate 10 percent of the payment to income and the balance to principal.[ 2021 c 140 § 2415.]
WA Rev Code § 11.104B.350 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.350 - Receipts normally apportioned—Other financial instruments and arrangements.

RCW 11.104B.350 Receipts normally apportioned—Other financial instruments and arrangements. (Effective January 1, 2022.)A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this chapter. The allocation must be consistent with RCW 11.104B.330 and 11.104B.340.[ 2021 c 140 § 2416.]
WA Rev Code § 11.104B.400 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104B - Uniform Fiduciary Income and Principal Act.|11.104B.400 - Disbursements—Disbursement from income.

RCW 11.104B.400 Disbursements—Disbursement from income. (Effective January 1, 2022.)Subject to RCW 11.104B.430, and except as otherwise provided in RCW 11.104B.500(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) of this section, 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.[ 2021 c 140 § 2501.]