reglab/housing_qa huggingface dataset:
AK Stat § 13.38.680 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.680. Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by AS 13.38.690, 13.38.700, 13.38.710, 13.38.720, or 13.38.750 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in AS 13.38.210(c) applies to the allocation. This power may be exercised by a co-trustee in the circumstances described in AS 13.38.210(d) and may be released for the reasons and in the manner described in AS 13.38.210(e). An allocation is presumed to be insubstantial if (1) the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than five percent; or (2) the value of the asset producing the receipt for which the allocation would be made is less than five percent of the total value of the trust's assets at the beginning of the accounting period.
AK Stat § 13.38.700 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.700. Liquidating assets.

(a) A trustee shall allocate 10 percent of the receipts from a liquidating asset to income and the balance to principal. (b) In this section, “liquidating asset” (1) means (A) an asset the value of which will diminish or terminate because the asset is expected to produce receipts for a period of limited duration; or (B) 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) does not include (A) an obligation subject to AS 13.38.670; (B) a payment subject to AS 13.38.690; (C) resources subject to AS 13.38.710; (D) timber subject to AS 13.38.720; (E) an activity subject to AS 13.38.740; (F) an asset subject to AS 13.38.750; or (G) an asset for which the trustee establishes a reserve for depreciation under AS 13.38.830.
AK Stat § 13.38.710 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.710. Minerals, water, and other natural resources.

(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources under this section, the trustee shall allocate them as follows: (1) if received as nominal delay rent or nominal annual rent on a lease, a receipt shall be allocated to income; (2) if received from a production payment, a receipt shall 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 shall be allocated to principal; (3) 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 shall be allocated to principal, and the balance shall be allocated to income; (4) if an amount is received from a working interest or any other interest not provided for in (1) - (3) of this subsection, 90 percent of the net amount received shall be allocated to principal, and the balance shall be allocated to income. (b) An amount received on account of an interest in renewable water shall be allocated to income. An amount received on account of an interest in nonrenewable water shall be allocated as follows: (1) 90 percent of the amount shall be allocated to principal; and (2) the balance shall be allocated to income. (c) 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.
AK Stat § 13.38.720 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.720. Timber.

(a) To the extent that a trustee accounts for receipts from the sale of timber and related products under this section, the trustee shall allocate the net receipts (1) to income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest; (2) to principal, to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber, or the net receipts are from the sale of standing timber; (3) between income and principal, by determining the amount of timber removed from the land under the lease or contract and applying the rules in (1) and (2) of this subsection if the net receipts are from the lease of timberland or a contract to cut timber from land owned by a trust; (4) to principal to the extent that advance payments, bonuses, and other payments are not allocated under (1) - (3) of this subsection. (b) In determining net receipts to be allocated under (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion. (c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
AK Stat § 13.38.730 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.730. Property not productive of income; marital deduction.

(a) If a federal estate or gift tax marital deduction is allowed for all or part of a trust whose income is required to be paid to the settlor's or testator's spouse and whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under AS 13.38.210 and that the trustee distributes to the spouse from principal under the governing instrument are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by AS 13.38.210(a). The trustee may decide which action or combination of actions to take. The income interest for a marital deduction trust described in this subsection shall be paid at least annually. (b) In cases not governed by (a) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period. (c) Unless otherwise provided by the trust instrument, a power or authority granted to a trustee, except for the authority to refrain from electing qualified terminal interest property treatment under 26 U.S.C. 2056 or 2523 (Internal Revenue Code), does not prevent a qualifying trust from being eligible for the marital deduction. All powers granted to a trustee shall be construed consistently with this subsection. In this subsection, “qualifying trust” means a trust (1) that is designated in the trust instrument as a trust eligible for the federal estate or gift tax marital deduction; or (2) if it can be inferred from the trust instrument that the grantor intended the trust to be eligible for the federal estate or gift tax marital deduction.
AK Stat § 13.38.740 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.740. Derivatives and options.

(a) To the extent that a trustee does not account under AS 13.38.620 for transactions in derivatives, the trustee shall allocate receipts from and disbursements made in connection with those transactions to principal. (b) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option shall be allocated to principal. An amount paid to acquire the option shall be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor or testator of the trust for services rendered, shall be allocated to principal. (c) In this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or another market indicator for an asset or a group of assets.
AK Stat § 13.38.750 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 6. Allocation of Receipts during Administration of Trust.|Sec. 13.38.750. Asset-backed securities.

(a) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate the portion of the payment that the payor identifies as being from interest or other current return to income, and the trustee shall allocate the balance of the payment to principal. (b) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee 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 trustee shall allocate 10 percent of the payment to income and the balance to principal. (c) In this section, “asset-backed security” (1) means an asset whose value is based on the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security; (2) includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return; (3) does not include an asset to which AS 13.38.600 or 13.38.690 applies.
AK Stat § 13.38.800 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.800. Mandatory disbursements from income.

A trustee shall make the following disbursements from income: (1) interest, except interest on taxes described in AS 13.38.810(a)(7); (2) ordinary repairs; (3) real estate and other regularly recurring taxes assessed against principal; (4) recurring premiums on fire or other insurance covering the loss of a principal asset or the loss of income from or use of the asset.
AK Stat § 13.38.810 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.810. Mandatory disbursements from principal.

(a) A trustee shall make the following disbursements from principal: (1) extraordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income; (2) extraordinary repairs; (3) compensation for legal services to the trustee; (4) expenses in connection with accountings and judicial or other proceedings, including proceedings to construe, modify, or reform the trust or to protect the trust or its property; (5) payments on the principal of a trust debt; (6) premiums paid on a policy of insurance not described in AS 13.38.800(4) if the trust is the owner and beneficiary; (7) estate, inheritance, and other transfer taxes, including interest and penalties, apportioned to the trust; (8) disbursements related to environmental matters, including (A) reclamation; (B) assessing environmental conditions; (C) remedying and removing environmental contamination; (D) monitoring remedial activities and the release of substances; (E) preventing future releases of substances; (F) collecting amounts from persons liable or potentially liable for the costs of those activities; (G) penalties imposed under environmental statutes or regulations and other payments made to comply with those statutes or regulations; (H) statutory or common law claims by third parties; (I) 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.
AK Stat § 13.38.820 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.820. Discretionary allocation of expenses.

Subject to AS 13.38.800 and 13.38.810, a trustee may, in the trustee's discretion, allocate to income or principal or partly to each ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including the compensation of the trustee and of a person providing investment advisory, custodial, or income tax return preparation services to the trustee.
AK Stat § 13.38.830 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.830. Transfers to principal for depreciation.

(a) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation. However, a trustee 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 AS 13.38.620 for the business or activity in which the asset is used. (b) An amount transferred to principal is not required to be held as a separate fund. (c) 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.
AK Stat § 13.38.840 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.840. Transfers from income to reimburse principal.

(a) A 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 disbursements if the trustee makes or expects to make a disbursement from principal that is allocable to income under AS 13.38.800 or 13.38.820 and that is paid from principal because it is unusually large, or is made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions. (b) 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 (a) of this section. (c) This section does not apply to the extent the trustee has been or expects to be reimbursed by a third party.
AK Stat § 13.38.850 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.850. Income taxes.

(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal shall 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 shall be paid proportionately from (1) income, to the extent that receipts from the entity are allocated to income; and (2) principal, to the extent that (A) receipts from the entity are allocated to principal; and (B) the trust's share of the entity's taxable income exceeds the total receipts described in (1) of this subsection and (A) of this paragraph. (d) For the purposes of this section, receipts allocated to principal or income shall be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
AK Stat § 13.38.860 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 7. Allocation of Disbursements During Administration of Trust.|Sec. 13.38.860. Adjustments between principal and income because of taxes.

A trustee may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from (1) an election or decision that the trustee makes regarding tax matters; (2) an income tax or any other tax that is imposed on the trustee or a beneficiary as a result of a transaction involving the trust or distribution from the trust; or (3) the ownership by a trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the trust or a beneficiary.
AK Stat § 13.38.900 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 8. General Provisions.|Sec. 13.38.900. Not applicable to mental health trust.

This chapter does not apply to the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.
AK Stat § 13.38.910 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 8. General Provisions.|Sec. 13.38.910. Uniformity of application and construction.

In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
AK Stat § 13.38.980 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 8. General Provisions.|Sec. 13.38.980. Definitions.

In this chapter, unless the context clearly indicates otherwise, (1) “accounting period” means a calendar year, unless another 12-month period is selected by a fiduciary, and 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; (2) “beneficiary” includes, in the case of (A) a decedent's estate, an heir, legatee, or devisee; and (B) a trust, an income beneficiary and a remainder beneficiary; (3) “fiduciary” means a personal representative or a trustee; (4) “income” means money or property that a fiduciary receives as current return from a principal asset, and includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in AS 13.38.600 - 13.38.750; (5) “income beneficiary” means a person to whom net income of a trust is or may be payable; (6) “income interest” means the right of an income beneficiary to receive all or part of net income, whether the governing instrument requires it to be distributed or authorizes it to be distributed in the trustee's discretion; (7) “mandatory income interest” means the right of an income beneficiary to receive net income that the governing instrument requires the fiduciary to distribute; (8) “net income” means the total receipts allocated to income during an accounting period, minus disbursements made from income during the period, and plus or minus transfers under this chapter to or from income during the period; (9) “person” means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, an agency or instrumentality, a public corporation, or another legal or commercial entity; (10) “principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates, or property held in trust in perpetuity; (11) “remainder beneficiary” means a person entitled to receive principal when an income interest ends; (12) “sui juris beneficiary” includes (A) a court-appointed guardian of an incapacitated beneficiary; (B) an agent for an incompetent beneficiary; and (C) a court-appointed guardian of a minor beneficiary's estate; (13) “trust” includes a revocable trust, an irrevocable trust, and a legal life estate arrangement; (14) “trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court; (15) “unitrust” means a trust from which a fixed percentage of the net fair market value of the trust's assets, valued annually, is paid not less often than annually to a beneficiary.
AK Stat § 13.38.990 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 8. General Provisions.|Sec. 13.38.990. Short title.

This chapter may be cited as the Alaska Principal and Income Act.
AK Stat § 14.03.010 (2021)
2021 Alaska Statutes|Title 14. Education, Libraries, and Museums|Chapter 03. Public Schools Generally|Article 1. General Provisions.|Sec. 14.03.010. Establishment of school system.

There is established in the state a system of public schools to be administered and maintained as provided in this title.
AK Stat § 14.03.015 (2021)
2021 Alaska Statutes|Title 14. Education, Libraries, and Museums|Chapter 03. Public Schools Generally|Article 1. General Provisions.|Sec. 14.03.015. State education policy.

It is the policy of this state that the purpose of education is to help ensure that all students will succeed in their education and work, shape worthwhile and satisfying lives for themselves, exemplify the best values of society, and be effective in improving the character and quality of the world about them.