reglab/housing_qa huggingface dataset:
AK Stat § 13.38.490 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 3. Charitable Trust Election.|Sec. 13.38.490. Definitions.

In AS 13.38.440 - 13.38.490, except as otherwise expressly stated in AS 13.38.440 - 13.38.490, (1) “income” means the percentage of the value of the trust computed under AS 13.38.440 - 13.38.490; (2) “principal” means all assets other than those identified as income in (1) of this section that are held by the trustee with respect to the trust.
AK Stat § 13.38.500 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 4. Decedent's Estate or Terminating Income Interest.|Sec. 13.38.500. Determination and distribution of net income.

After a decedent dies in the case of an estate, or after an income interest in a trust ends, a fiduciary (1) of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under (5) of this section and the provisions applicable to trustees in AS 13.38.550 - 13.38.860; the fiduciary shall distribute the net income and net principal receipts to the beneficiary who is to receive the specific property; (2) shall distribute to a beneficiary or trust that receives a pecuniary amount a share of net income equal to the beneficiary's or trust's fractional interest in undistributed principal assets as determined under AS 13.38.510(a), (b)(1), (b)(3), and (c) - (e); the share accrues from the date of death of a decedent, in the case of an estate, or the date of death of a settlor or specified event, in the case of a revocable or irrevocable trust; (3) shall determine the remaining net income of a decedent's estate or a terminating income interest under the provisions applicable to trustees in AS 13.38.550 - 13.38.860 and by (A) including in net income all income from property used to discharge liabilities; and (B) paying from principal the debts, the funeral expenses, the costs of disposition of remains, the family allowance under AS 13.12.404, fees of personal representatives and their attorneys and accountants, and the taxes, related interest, and penalties described in AS 13.38.810(a)(7) that are apportioned to the estate or terminating income interest by the governing instrument or applicable law; (4) shall distribute the net income remaining after distributions required by (2) of this section in the manner described in AS 13.38.510 to all other beneficiaries; (5) may not reduce principal or income receipts from property described in (1) of this section because of a payment described in AS 13.38.800 or 13.38.810 to the extent that the governing instrument or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent that the fiduciary recovers or expects to recover the payment from a third party; the net income and principal receipts from the property are determined by (A) including all of the amounts the fiduciary receives or pays with respect to the property, whether those amounts accrued or became due before, on, or after the date of a decedent's death or an income interest's terminating event; and (B) making a reasonable provision for amounts that the fiduciary believes the estate or terminating income interest may become obligated to pay after the property is distributed.
AK Stat § 13.38.510 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 4. Decedent's Estate or Terminating Income Interest.|Sec. 13.38.510. Distribution to residuary and remainder beneficiaries.

(a) Each beneficiary described in AS 13.38.500(4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date. (b) In determining a beneficiary's share of net income, the following rules apply: (1) the beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold or applied to meet principal obligations; (2) the beneficiary's fractional interest in the undistributed principal assets shall be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts; (3) the beneficiary's fractional interest in the undistributed principal assets shall be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income. (d) To the extent that the fiduciary considers it appropriate, if this section applies to the income from an asset, the fiduciary may apply the rules in this section to net gain or loss from the disposition of a principal asset realized after the date of death or terminating event or an earlier distribution date. (e) For the purposes of this section, the distribution date may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.
AK Stat § 13.38.550 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 5. Allocation and Payment at Beginning and End of Income Interest.|Sec. 13.38.550. When right to income begins and ends.

(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins (1) on the date specified in the governing instrument; or (2) if a date is not specified, on the date an asset becomes subject to a trust or successive income interest. (b) An asset becomes subject to a trust on the date (1) it is transferred to the trust, in the case of an asset that is transferred to a trust during the transferor's life; (2) of a testator's death, in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or (3) of an individual's death, in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death. (c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under (d) of this section, even if there is an intervening period of administration to wind up the preceding income interest. (d) An income interest ends on (1) the day before an income beneficiary dies or another terminating event occurs; or (2) the last day of a period during which there is not a beneficiary to whom a trustee may distribute income.
AK Stat § 13.38.560 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 5. Allocation and Payment at Beginning and End of Income Interest.|Sec. 13.38.560. Allocation of receipts and disbursements when decedent dies or income interest begins.

(a) Unless AS 13.38.500(1) applies, a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before (1) a decedent dies, in the case of an estate; or (2) an income interest begins, in the case of a trust or successive income interest. (b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and its due date is periodic. An income receipt or disbursement shall be treated as accruing from day to day if its due date is not periodic or it does not have a due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins shall be allocated to principal, and the balance shall be allocated to income. (c) An item of income or an obligation is due on the date the payor is required to make a payment. If a payment date is not stated, there is not a due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which AS 13.38.600 applies are considered to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if a date is not fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
AK Stat § 13.38.570 (2021)
2021 Alaska Statutes|Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions|Chapter 38. Alaska Principal and Income Act|Article 5. Allocation and Payment at Beginning and End of Income Interest.|Sec. 13.38.570. Payment when income interest ends.

(a) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the governing instrument unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends. In the case of the beneficiary who has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends, the undistributed income from the portion of the trust that may be revoked shall be added to principal. (b) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor or testator relating to income, gift, estate, or other tax requirements. (c) In this section, “undistributed income” means net income received before the date on which an income interest ends, but does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the governing instrument.
AK Stat § 13.38.600 (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. 13.38.600. Allocation of property from entities.

(a) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity, including reinvested cash dividends. (b) A trustee shall allocate the following receipts from an entity to principal: (1) property other than money excluding reinvested cash dividends; (2) money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity; (3) money received in total or partial liquidation of the entity; (4) money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a short-term or long-term capital gain dividend for federal income tax purposes. (c) Money is received in partial liquidation (1) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or (2) if the total amount of money and property received in a distribution or series of related distributions is greater than 20 percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt. (d) Money is not received in partial liquidation, and it may not be taken into account under (c)(2) of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money. (e) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors. (f) In this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or another organization in which a trustee has an interest, but does not include (1) a trust or estate to which AS 13.38.610 applies; (2) a business or activity to which AS 13.38.620 applies; (3) a payment to which AS 13.38.690 applies; or (4) an asset-backed security to which AS 13.38.750 applies.
AK Stat § 13.38.610 (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. 13.38.610. Distribution from trust or estate.

(a) A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest. (b) A trustee shall allocate to principal an amount received as a distribution of principal from a trust or estate in which the trust has an interest other than a purchased interest. (c) If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in a trust that is an investment entity to a trustee, AS 13.38.600 or 13.38.750 applies to a receipt from the trust.
AK Stat § 13.38.620 (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. 13.38.620. Business and other activities conducted by trustee.

(a) If a trustee that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or other activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for the transactions of the business or other activity, whether or not the assets of the business or other activity are segregated from other trust assets. (b) A trustee who accounts separately for a business or other activity may determine the extent to which (1) its net cash receipts are retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity; and (2) the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. (c) If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is not required any longer in the conduct of the business. (d) Activities for which a trustee may maintain separate accounting records include (1) retail, manufacturing, service, and other traditional business activities; (2) farming; (3) raising and selling livestock and other animals; (4) management of rental properties; (5) extraction of minerals and other natural resources; (6) timber operations; and (7) activities to which AS 13.38.740 applies.
AK Stat § 13.38.630 (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. 13.38.630. Principal receipts.

A trustee shall allocate to principal any of the following: (1) to the extent not allocated to income under this chapter, assets received from (A) a transferor during the transferor's lifetime; (B) a decedent's estate; (C) a trust with a terminating income interest; or (D) a payor under a contract naming the trust or its trustee as beneficiary; (2) money or other property received from a principal asset's sale, exchange, liquidation, or change in form, including realized profit subject to AS 13.38.600 - 13.38.750; (3) amounts recovered from third parties to reimburse the trust because of disbursements described in AS 13.38.810(a)(8) or for other reasons, to the extent not based on the loss of income, except that a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; (4) net income received in an accounting period during which there is not a beneficiary to whom a trustee may or must distribute income; (5) other receipts as provided in AS 13.38.680 - 13.38.750.
AK Stat § 13.38.640 (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. 13.38.640. Rental property.

(a) To the extent that a trustee accounts for receipts from rental property under this section, the trustee shall allocate an amount received as rent of real or personal property to income, including an amount received for cancellation or renewal of a lease. (b) 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) shall be added to principal; (2) shall be held subject to the terms of the lease; and (3) is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.
AK Stat § 13.38.650 (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. 13.38.650. Obligation to pay money.

(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium. (b) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation if the purchase price or value of the obligation when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income. (c) This section does not apply to an obligation to which AS 13.38.690, 13.38.700, 13.38.710, 13.38.720, 13.38.730, 13.38.740, or 13.38.750 applies.
AK Stat § 13.38.660 (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. 13.38.660. Insurance policies and similar contracts.

(a) Except as otherwise provided in (b) or (c) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. If the premiums on the policy or contract are paid from income, the trustee shall allocate dividends on the policy or contract to income. If the premiums on the policy or contract are paid from principal, the trustee shall allocate dividends on the policy or contract to principal. (b) Except as provided in (c) of this section, a trustee shall allocate to income proceeds of a contract that insures the trustee against (1) loss of occupancy or other use by an income beneficiary; (2) loss of income; or (3) subject to AS 13.38.620, loss of profits from a business. (c) This section does not apply to a contract to which AS 13.38.690 applies.
AK Stat § 13.38.670 (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. 13.38.670. Special rules for charitable remainder unitrusts.

Notwithstanding the other provisions of this chapter, if a charitable remainder unitrust, as defined in 26 U.S.C. 664 (Internal Revenue Code), owns an obligation described in (2) of this section, the following rules apply, unless varied by the governing instrument: (1) an obligation for the payment of money is principal at its inventory value except as provided in (2) of this section; the trustee may not make a provision for amortization of a premium or for accumulation for discount; (2) except to the extent otherwise provided in the governing instrument, an increase in the value of the following above inventory value is distributable as income: (A) a zero coupon bond; (B) an annuity contract before annuitization; (C) a life insurance contract before the death of the insured; (D) an interest in a common trust fund; in this subparagraph, “common trust fund” has the meaning given in 26 U.S.C. 584 (Internal Revenue Code); (E) an interest in a limited liability company, limited liability partnership, or limited partnership; and (F) another obligation for the payment of money if the money is payable at a future time under a fixed, variable, or discretionary schedule of appreciation and if the payment exceeds the price at which the obligation was issued; (3) the increase in value of the obligations described in (2) of this section is distributable to the beneficiary who was the income beneficiary at the time of the increase; the increase is distributable from the first cash available from the principal or, if cash is not available from the principal, when cash is first available from the principal due to a sale, a redemption, or another disposition; when an unrealized increase is distributed as income from principal, the principal shall be reimbursed when the increase is realized; (4) the increase in value of an obligation described in (2) of this section is not available for distribution unless the trustee receives cash on account of the obligation; (5) notwithstanding a provision in this section to the contrary, a distribution from a partnership or limited liability company attributable to the cash flow or income derived from operations regularly carried on by the partnership or limited liability company is income, except to the extent otherwise provided in the governing instrument.