reglab/housing_qa huggingface dataset:
CA Prob Code § 16103 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16103.

16103.  With respect to split-interest trusts:(a) Subdivisions (b) and (c) of Section 16102 do not apply to any trust described in Section 4947(b)(3) of the Internal Revenue Code.(b) Section 16102 does not apply with respect to any of the following:(1) Any amounts payable under the terms of such trust to income beneficiaries, unless a deduction was allowed under Section 170(f)(2)(B), 2055(e)(2)(B), or 2522(c)(2)(B) of the Internal Revenue Code.(2) Any amounts in trust other than amounts for which a deduction was allowed under Section 170, 545(b)(2), 556(b)(2), 642(c), 2055, 2106(a)(2), or 2522 of the Internal Revenue Code, if the amounts are segregated, as that term is defined in Section 4947(a)(3) of the Internal Revenue Code, from amounts for which no deduction was allowable.(3) Any amounts irrevocably transferred in trust before May 27, 1969.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16104 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16104.

16104.  The provisions of Sections 16101, 16102, and 16103 shall be deemed to be contained in the instrument creating every trust to which this article applies. Any provision of the instrument inconsistent with or contrary to this article is without effect.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16105 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16105.

16105.  (a) A proceeding contemplated by Section 101(l)(3) of the federal Tax Reform Act of 1969 (Public Law 91-172) may be commenced pursuant to Section 17200 by the organization involved. All specifically named beneficiaries of the organization and the Attorney General shall be parties to the proceedings. Notwithstanding Section 17000, this provision is not exclusive and does not limit any jurisdiction that otherwise exists.(b) If an instrument creating a trust affected by this section has been recorded, a notice of pendency of judicial proceedings under this section shall be recorded in a similar manner within 10 days from the commencement of the proceedings. A duly certified copy of any final judgment or decree in the proceedings shall be similarly recorded.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16106 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 1 - Duties of Trustees|ARTICLE 5 - Duties of Trustees of Private Foundations, Charitable Trusts, and Split-Interest Trusts|Section 16106.

16106.  (a) On and after July 1, 2022, trustee holding assets subject to a charitable trust shall give written notice to the Attorney General at least 20 days before the trustee sells, leases, conveys, exchanges, transfers, or otherwise disposes of all or substantially all of the charitable assets.(b) On or after January 1, 2022, the Attorney General shall establish rules and regulations necessary to administer this section.(Added by Stats. 2021, Ch. 708, Sec. 1. (AB 900) Effective January 1, 2022.)
CA Prob Code § 16200 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 1 - General Provisions|Section 16200.

16200.  A trustee has the following powers without the need to obtain court authorization:(a) The powers conferred by the trust instrument.(b) Except as limited in the trust instrument, the powers conferred by statute.(c) Except as limited in the trust instrument, the power to perform any act that a trustee would perform for the purposes of the trust under the standard of care provided in Section 16040 or 16047.(Amended by Stats. 1995, Ch. 63, Sec. 7. Effective January 1, 1996.)
CA Prob Code § 16201 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 1 - General Provisions|Section 16201.

16201.  This chapter does not affect the power of a court to relieve a trustee from restrictions on the exercise of powers under the trust instrument.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16202 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 1 - General Provisions|Section 16202.

16202.  The grant of a power to a trustee, whether by the trust instrument, by statute, or by the court, does not in itself require or permit the exercise of the power. The exercise of a power by a trustee is subject to the trustee’s fiduciary duties.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16203 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 1 - General Provisions|Section 16203.

16203.  An instrument that incorporates the powers provided in former Section 1120.2 (repealed by Chapter 820 of the Statutes of 1986) shall be deemed to refer to the powers provided in Article 2 (commencing with Section 16220). For this purpose, the trustee’s powers under former Section 1120.2 are not diminished and the trustee is not required to obtain court approval for exercise of a power for which court approval was not required by former law.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16220 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16220.

16220.  The trustee has the power to collect, hold, and retain trust property received from a settlor or any other person until, in the judgment of the trustee, disposition of the property should be made. The property may be retained even though it includes property in which the trustee is personally interested.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16221 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16221.

16221.  The trustee has the power to accept additions to the property of the trust from a settlor or any other person.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16222 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16222.

16222.  (a) Subject to subdivision (b), the trustee has the power to continue or participate in the operation of any business or other enterprise that is part of the trust property and may effect incorporation, dissolution, or other change in the form of the organization of the business or enterprise.(b) Except as provided in subdivision (c), the trustee may continue the operation of a business or other enterprise only as authorized by the trust instrument or by the court. For the purpose of this subdivision, the lease of four or fewer residential units is not considered to be the operation of a business or other enterprise.(c) The trustee may continue the operation of a business or other enterprise for a reasonable time pending a court hearing on the matter or pending a sale of the business or other enterprise.(d) The limitation provided in subdivision (b) does not affect any power to continue or participate in the operation of a business or other enterprise that the trustee has under a trust created by an instrument executed before July 1, 1987.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16224 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16224.

16224.  (a) In the absence of an express provision to the contrary in a trust instrument, where the instrument directs or permits investment in obligations of the United States government, the trustee has the power to invest in those obligations directly or in the form of an interest in a money market mutual fund registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) or an investment vehicle authorized for the collective investment of trust funds pursuant to Section 9.18 of Part 9 of Title 12 of the Code of Federal Regulations, the portfolios of which are limited to United States government obligations maturing not later than five years from the date of investment or reinvestment and to repurchase agreements fully collateralized by United States government obligations.(b) This section applies only to trusts created on or after January 1, 1985.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16225 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16225.

16225.  (a) The trustee has the power to deposit trust funds at reasonable interest in any of the following accounts:(1) An insured account in a financial institution.(2) To the extent that the account is collateralized, an account in a bank, an account in an insured savings and loan association, or an account in an insured credit union.(b) A trustee may deposit trust funds pursuant to subdivision (a) in a financial institution operated by, or that is an affiliate of, the trustee. For the purpose of this subdivision, “affiliate” means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with another domestic or foreign corporation.(c) This section does not limit the power of a trustee in a proper case to deposit trust funds in an account described in subdivision (a) that is subject to notice or other conditions respecting withdrawal prescribed by law or governmental regulation.(d) The court may authorize the deposit of trust funds in an account described in subdivision (a) in an amount greater than the maximum insured or collateralized amount.(e) Nothing in this section prevents the trustee from holding an amount of trust property reasonably necessary for the orderly administration of the trust in the form of cash or in a checking account without interest.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16226 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16226.

16226.  The trustee has the power to acquire or dispose of property, for cash or on credit, at public or private sale, or by exchange.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16227 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16227.

16227.  The trustee has the power to manage, control, divide, develop, improve, exchange, partition, change the character of, or abandon trust property or any interest therein.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16228 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16228.

16228.  The trustee has the power to encumber, mortgage, or pledge trust property for a term within or extending beyond the term of the trust in connection with the exercise of any power vested in the trustee.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16229 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16229.

16229.  The trustee has the power to do any of the following:(a) Make ordinary or extraordinary repairs, alterations, or improvements in buildings or other trust property.(b) Demolish any improvements.(c) Raze existing or erect new party walls or buildings.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16230 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16230.

16230.  The trustee has the power to do any of the following:(a) Subdivide or develop land.(b) Dedicate land to public use.(c) Make or obtain the vacation of plats and adjust boundaries.(d) Adjust differences in valuation on exchange or partition by giving or receiving consideration.(e) Dedicate easements to public use without consideration.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16231 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16231.

16231.  The trustee has the power to enter into a lease for any purpose as lessor or lessee with or without the option to purchase or renew and for a term within or extending beyond the term of the trust.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16232 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16232.

16232.  The trustee has the power to enter into a lease or arrangement for exploration and removal of gas, oil, or other minerals or geothermal energy, and to enter into a community oil lease or a pooling or unitization agreement, and for a term within or extending beyond the term of the trust.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16233 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16233.

16233.  The trustee has the power to grant an option involving disposition of trust property or to take an option for the acquisition of any property, and an option may be granted or taken that is exercisable beyond the term of the trust.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16234 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16234.

16234.  With respect to any shares of stock of a domestic or foreign corporation, any membership in a nonprofit corporation, or any other property, a trustee has the power to do any of the following:(a) Vote in person, and give proxies to exercise, any voting rights with respect to the shares, memberships, or property.(b) Waive notice of a meeting or give consent to the holding of a meeting.(c) Authorize, ratify, approve, or confirm any action that could be taken by shareholders, members, or property owners.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16235 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16235.

16235.  The trustee has the power to pay calls, assessments, and any other sums chargeable or accruing against or on account of securities.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16236 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16236.

16236.  The trustee has the power to sell or exercise stock subscription or conversion rights.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16237 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16237.

16237.  The trustee has the power to consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise, and to participate in voting trusts, pooling arrangements, and foreclosures, and in connection therewith, to deposit securities with and transfer title and delegate discretion to any protective or other committee as the trustee may deem advisable.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16238 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16238.

16238.  The trustee has the power to hold a security in the name of a nominee or in other form without disclosure of the trust so that title to the security may pass by delivery.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16239 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16239.

16239.  The trustee has the power to deposit securities in a securities depository, as defined in Section 30004 of the Financial Code, which is licensed under Section 30200 of the Financial Code or is exempt from licensing by Section 30005 or 30006 of the Financial Code. The securities may be held by the securities depository in the manner authorized by Section 775 of the Financial Code.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16240 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16240.

16240.  The trustee has the power to insure the property of the trust against damage or loss and to insure the trustee against liability with respect to third persons.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16241 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16241.

16241.  The trustee has the power to borrow money for any trust purpose to be repaid from trust property. The lender may include, but is not limited to, a bank holding company, affiliate, or subsidiary of the trustee.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16242 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16242.

16242.  The trustee has the power to do any of the following:(a) Pay or contest any claim.(b) Settle a claim by or against the trust by compromise, arbitration, or otherwise.(c) Release, in whole or in part, any claim belonging to the trust.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16243 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16243.

16243.  The trustee has the power to pay taxes, assessments, reasonable compensation of the trustee and of employees and agents of the trust, and other expenses incurred in the collection, care, administration, and protection of the trust.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16244 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16244.

16244.  The trustee has the following powers:(a) To make loans out of trust property to the beneficiary on terms and conditions that the trustee determines are fair and reasonable under the circumstances.(b) To guarantee loans to the beneficiary by encumbrances on trust property.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16245 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16245.

16245.  The trustee has the power to pay any sum of principal or income distributable to a beneficiary, without regard to whether the beneficiary is under a legal disability, by paying the sum to the beneficiary or by paying the sum to another person for the use or benefit of the beneficiary. Any sum distributable under this section to a custodian under the California Uniform Transfers to Minors Act (Part 9 (commencing with Section 3900)) shall be subject to Section 3906.(Amended by Stats. 1996, Ch. 862, Sec. 39. Effective January 1, 1997.)
CA Prob Code § 16246 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16246.

16246.  The trustee has the power to effect distribution of property and money in divided or undivided interests and to adjust resulting differences in valuation. A distribution in kind may be made pro rata or non pro rata, and may be made pursuant to any written agreement providing for a non pro rata division of the aggregate value of the community property assets or quasi-community property assets, or both.(Amended by Stats. 1998, Ch. 682, Sec. 12. Effective January 1, 1999.)
CA Prob Code § 16247 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16247.

16247.  The trustee has the power to hire persons, including accountants, attorneys, auditors, investment advisers, appraisers (including probate referees appointed pursuant to Section 400), or other agents, even if they are associated or affiliated with the trustee, to advise or assist the trustee in the performance of administrative duties.(Amended by Stats. 1994, Ch. 806, Sec. 38. Effective January 1, 1995.)
CA Prob Code § 16248 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16248.

16248.  The trustee has the power to execute and deliver all instruments which are needed to accomplish or facilitate the exercise of the powers vested in the trustee.(Enacted by Stats. 1990, Ch. 79.)
CA Prob Code § 16249 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 2 - Powers of Trustees|ARTICLE 2 - Specific Powers of Trustees|Section 16249.

16249.  The trustee has the power to prosecute or defend actions, claims, or proceedings for the protection of trust property and of the trustee in the performance of the trustee’s duties.(Amended by Stats. 2001, Ch. 49, Sec. 5. Effective January 1, 2002.)
CA Prob Code § 16320 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16320.

16320.  This chapter may be cited as the Uniform Principal and Income Act.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16321 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16321.

16321.  The definitions in this article govern the construction of this chapter.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16322 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16322.

16322.  “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)