reglab/housing_qa huggingface dataset:
MT Code § 72-34-442 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-442. Receipts from liquidating assets -- allocation

  72-34-442. Receipts from liquidating assets -- allocation. (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 period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to 72-34-441, natural resources subject to 72-34-443, timber subject to 72-34-444, a derivative or option subject to 72-34-446, an asset subject to 72-34-447, or any asset for which the trustee establishes a reserve for depreciation under 72-34-450.   (2) A trustee shall allocate to income 85% from a liquidating asset and the balance to principal.   History: En. Sec. 22, Ch. 506, L. 2003; amd. Sec. 5, Ch. 513, L. 2005.
MT Code § 72-34-443 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-443. Receipts from mineral interests and other natural resources -- allocation

  72-34-443. Receipts from mineral interests and other natural resources -- allocation. (1) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:   (a) if received as a nominal bonus, 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, 15% must be allocated to principal and the balance to income; and   (d) if an amount is received from a working interest or any other interest in mineral or other natural resources not described in subsection (1)(a), (1)(b), or (1)(c), 15% 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, 15% of the amount must be allocated to principal and the balance to income.   (3) This part applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.   History: En. Sec. 23, Ch. 506, L. 2003.
MT Code § 72-34-444 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-444. Receipts from sale of timber and related products -- allocation

  72-34-444. Receipts from sale of timber and related products -- allocation. (1) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts as follows:   (a) 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;   (b) 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;   (c) to or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in subsections (1)(a) and (1)(b);   (d) to principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subsection (1)(a), (1)(b), or (1)(c).   (2) In determining net receipts to be allocated under subsection (1), a trustee shall deduct and transfer to principal a reasonable amount for depletion.   (3) This part applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.   History: En. Sec. 24, Ch. 506, L. 2003.
MT Code § 72-34-445 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-445. Increasing income in order to maintain marital deduction

  72-34-445. Increasing income in order to maintain marital deduction. (1) If a marital deduction is allowed for all or part of a trust 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 72-34-424 and distributes to the spouse from principal pursuant to the terms of the trust 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 or convert it into productive property or exercise the power under 72-34-424(1) within a reasonable time. The trustee may decide which action or combination of actions to take.   (2) In cases not governed by subsection (1), proceeds from the sale or other disposition of a trust asset are principal without regard to the amount of income the asset produces during any accounting period.   History: En. Sec. 25, Ch. 506, L. 2003.
MT Code § 72-34-446 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-446. Transactions in derivatives -- allocations of receipts and disbursements -- options to buy or sell property -- allocation of amounts received or paid

  72-34-446. Transactions in derivatives -- allocations of receipts and disbursements -- options to buy or sell property -- allocation of amounts received or paid. (1) 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 other market indicator for an asset or a group of assets.   (2) To the extent that a trustee does not account under 72-34-435 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.   (3) 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 must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.   History: En. Sec. 26, Ch. 506, L. 2003; amd. Sec. 154, Ch. 264, L. 2013.
MT Code § 72-34-447 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-447. Payments from collateral financial assets and payments in exchange for interest in asset-backed security -- allocation

  72-34-447. Payments from collateral financial assets and payments in exchange for interest in asset-backed security -- allocation. (1) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term 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. The term does not include an asset to which 72-34-433 or 72-34-441 applies.   (2) 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 to income the portion of the payment that the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.   (3) 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% of the payment to income and the balance to principal.   History: En. Sec. 27, Ch. 506, L. 2003.
MT Code § 72-34-448 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-448. Disbursements from income

  72-34-448. Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which 72-34-428(3)(b) or (3)(c) applies:   (1) except as otherwise ordered by the court, one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;   (2) except as otherwise ordered by the court, one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;   (3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and   (4) all recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.   History: En. Sec. 28, Ch. 506, L. 2003.
MT Code § 72-34-449 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-449. Disbursements from principal

  72-34-449. Disbursements from principal. (1) A trustee shall make the following disbursements from principal:   (a) except as otherwise ordered by the court, the remaining one-half of the disbursements described in 72-34-448(1) and (2);   (b) except as otherwise ordered by the court, all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination and disbursements made to prepare property for sale;   (c) payments on the principal of a trust debt;   (d) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;   (e) premiums paid on a policy of insurance not described in 72-34-448(4) of which the trust is the owner and beneficiary;   (f) estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and   (g) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.   (2) 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.   History: En. Sec. 29, Ch. 506, L. 2003.
MT Code § 72-34-450 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-450. Assets subject to depreciation -- transfer from income to principal of portion of net cash receipts

  72-34-450. Assets subject to depreciation -- transfer from income to principal of portion of net cash receipts. (1) For purposes of 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 1 year.   (2) A trustee may transfer from income to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, under generally accepted accounting principles, but may not transfer any amount for depreciation under this section in any of the following circumstances:   (a) as to the 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;   (b) during the administration of a decedent's estate; or   (c) if the trustee is accounting under 72-34-435 for the business or activity in which the asset is used.   (3) An amount transferred from income to principal need not be held as a separate fund.   History: En. Sec. 30, Ch. 506, L. 2003.
MT Code § 72-34-451 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-451. Transfer from income to principal in anticipation of principal disbursement

  72-34-451. Transfer from income to principal in anticipation of principal disbursement. (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.   (2) Principal disbursements to which subsection (1) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:   (a) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;   (b) a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;   (c) disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;   (d) periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and   (e) disbursements described in 72-34-449(1)(g).   (3) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (1).   History: En. Sec. 31, Ch. 506, L. 2003.
MT Code § 72-34-452 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-452. Payment of taxes

  72-34-452. Payment of taxes. (1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.   (2) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.   (3) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:   (a) from income to the extent that receipts from the entity are allocated only to income;   (b) from principal to the extent that receipts from the entity are allocated only to principal;   (c) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and   (d) from principal to the extent that the tax exceeds the total receipts from the entity.   (4) After applying subsections (1) through (3), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.   History: En. Sec. 32, Ch. 506, L. 2003; amd. Sec. 2, Ch. 285, L. 2011.
MT Code § 72-34-453 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-453. Adjustments between principal and income in certain cases

  72-34-453. Adjustments between principal and income in certain cases. (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from any of the following:   (a) elections and decisions, other than those described in subsection (2), that the fiduciary makes from time to time regarding tax matters;   (b) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or   (c) the ownership by a decedent's estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.   (2) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes and as a result estate taxes paid from principal are increased and income taxes paid by a decedent's estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.   History: En. Sec. 33, Ch. 506, L. 2003.
MT Code § 72-34-501 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-501. Repealed

  72-34-501. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 151, Ch. 685, L. 1989.
MT Code § 72-34-502 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-502. Repealed

  72-34-502. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 152, Ch. 685, L. 1989.
MT Code § 72-34-503 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-503. Repealed

  72-34-503. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 153, Ch. 685, L. 1989.
MT Code § 72-34-504 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-504. Repealed

  72-34-504. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 154, Ch. 685, L. 1989.
MT Code § 72-34-505 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-505. reserved

  72-34-505 reserved.
MT Code § 72-34-506 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-506. Repealed

  72-34-506. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 155, Ch. 685, L. 1989.
MT Code § 72-34-507 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-507. Repealed

  72-34-507. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 156, Ch. 685, L. 1989.
MT Code § 72-34-508 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-508. Repealed

  72-34-508. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 157, Ch. 685, L. 1989.
MT Code § 72-34-509 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-509. Repealed

  72-34-509. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 158, Ch. 685, L. 1989.
MT Code § 72-34-510 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-510. reserved

  72-34-510 reserved.
MT Code § 72-34-511 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-511. Repealed

  72-34-511. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 159, Ch. 685, L. 1989.
MT Code § 72-34-512 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-512. Repealed

  72-34-512. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 160, Ch. 685, L. 1989.
MT Code § 72-34-513 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-513. Repealed

  72-34-513. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 161, Ch. 685, L. 1989; amd. Sec. 35, Ch. 592, L. 1995.
MT Code § 72-34-514 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-514. Repealed

  72-34-514. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 162, Ch. 685, L. 1989; amd. Sec. 2483, Ch. 56, L. 2009.
MT Code § 72-34-515 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 5. Liability of Trustees to Beneficiaries (Repealed)|72-34-515. Repealed

  72-34-515. Repealed. Sec. 162, Ch. 264, L. 2013.   History: En. Sec. 163, Ch. 685, L. 1989; amd. Sec. 2484, Ch. 56, L. 2009.