reglab/housing_qa huggingface dataset:
20 PA Cons Stat § 8132 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8132 - Apportionment of receipts and disbursements when decedent dies or income interest begins

 § 8132. Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) Allocation to principal.--Unless section 8121(1) (relating to determination and distribution of net income) 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) Allocation to income.--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 it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.  (c) Due dates.--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 no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which section 8141 (relating to character of receipts) applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is 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.
20 PA Cons Stat § 8133 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8133 - Apportionment when income interest ends

§ 8133. Apportionment when income interest ends. (a) End of mandatory income interest.--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 which is not disposed of under the governing instrument unless the beneficiary has an unqualified power to revoke more than 5% of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked shall be added to principal.  (b) Proration of final payment.--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) Definition.--As used in this section, the term "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income which has been added or is required to be added to principal under the governing instrument.
20 PA Cons Stat § 8141 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8141 - Character of receipts

§ 8141. Character of receipts. (a) Allocation to income.--Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity, including reinvested cash dividends.  (b) Allocation to principal.--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) When received in partial liquidation.--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 distributed by the entity to its owners in one distribution or a series of related distributions is greater than 20% of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.  (d) When not received in partial liquidation.--Money is not received in partial liquidation nor may it be taken into account under subsection (c)(2) to the extent that it does not exceed the amount of income tax that a trust beneficiary must pay on taxable income of the entity that distributes the money.  (e) Reliance upon a statement.--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) Definition.--As used in this section, the term "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than:  (1) a trust or estate to which section 8142 (relating to distribution from trust or estate) applies;  (2) a business or activity to which section 8143 (relating to business and other activities conducted by trustee) applies;  (3) a payment to which section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments) applies; or  (4) an asset-backed security to which section 8155 (relating to asset-backed securities) applies.   (July 7, 2006, P.L.625, No.98, eff. 60 days)   2006 Amendment. Act 98 amended subsecs. (c) and (d).  Cross References. Section 8141 is referred to in sections 8132, 8142, 8155 of this title.
20 PA Cons Stat § 8142 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8142 - Distribution from trust or estate

§ 8142. Distribution from trust or estate. 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 and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity or a decedent or donor transfers an interest in such a trust to a trustee, section 8141 (relating to character of receipts) or 8155 (relating to asset-backed securities) applies to a receipt from the trust.    Cross References. Section 8142 is referred to in section 8141 of this title.
20 PA Cons Stat § 8143 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8143 - Business and other activities conducted by trustee

 § 8143. Business and other activities conducted by trustee. (a) Separate accounting for business or activity.--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 activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.  (b) Net receipts.-- (1) A trustee that accounts separately for a business or other activity may determine the extent to which:  (i) its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets and other reasonably foreseeable needs of the business or activity; and  (ii) the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records.  (2) 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 no longer required in the conduct of the business.  (c) Permissible activities for separate accounting.--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. (7) Activities to which section 8154 (relating to derivatives and options) applies.   Cross References. Section 8143 is referred to in sections 8141, 8147, 8154, 8164 of this title.
20 PA Cons Stat § 8144 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8144 - Principal receipts

§ 8144. 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: (i) a transferor during the transferor's lifetime; (ii) a decedent's estate; (iii) a trust with a terminating income interest; or (iv) 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. This paragraph includes realized profit subject to this subchapter.  (3) Amounts recovered from third parties to reimburse the trust because of disbursements described in section 8162(a)(8) (relating to mandatory disbursements from principal) or for other reasons to the extent not based on the loss of income.  (4) Proceeds of property taken by eminent domain. 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.  (5) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income.  (6) Other receipts as provided in sections 8148 (relating to insubstantial allocations not required) through 8155 (relating to asset-backed securities).
20 PA Cons Stat § 8145 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8145 - Rental property

 § 8145. Rental property. (a) Rent.--To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property. This subsection includes an amount received for cancellation or renewal of a lease.  (b) Deposit.--An amount received as a refundable deposit, including a security deposit or a deposit which 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.
20 PA Cons Stat § 8146 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8146 - Obligation to pay money

 § 8146. Obligation to pay money. (a) Interest allocated to income.--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) Allocation of obligations.--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 the purchase price or value of which 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) Application.--This section does not apply to an obligation to which any of the following apply:  (1) Section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments).  (2) Section 8150 (relating to liquidating asset). (3) Section 8151 (relating to minerals, water and other natural resources). (4) Section 8152 (relating to timber). (5) Section 8154 (relating to derivatives and options). (6) Section 8155 (relating to asset-backed securities).
20 PA Cons Stat § 8147 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8147 - Insurance policies and similar contracts

 § 8147. Insurance policies and similar contracts. (a) General rule.-- (1) Except as otherwise provided in subsection (b) or (c), 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. This paragraph includes a contract which insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset.  (2) If the premiums on the policy or contract are paid from income, the trustee shall allocate to income dividends on the policy or contract.  (3) If the premiums on the policy or contract are paid from principal, the trustee shall allocate to principal dividends on the policy or contract.  (b) Allocation of proceeds to income.--Except as provided in subsection (c), a trustee shall allocate to income proceeds of a contract which insures the trustee against any of the following:  (1) Loss of occupancy or other use by an income beneficiary. (2) Loss of income. (3) Subject to section 8143 (relating to business and other activities conducted by trustee), loss of profits from a business.  (c) Application.--This section does not apply to a contract to which section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments) applies.
20 PA Cons Stat § 8148 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8148 - Insubstantial allocations not required

§ 8148. Insubstantial allocations not required. If a trustee determines that an allocation between principal and income required by section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments), 8150 (relating to liquidating asset), 8151 (relating to minerals, water and other natural resources), 8152 (relating to timber) or 8155 (relating to asset-backed securities) is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in section 8104(c) (relating to trustee's power to adjust) applies to the allocation. This power may be exercised by a co-trustee in the circumstances described in section 8104(d) and may be released for the reasons and in the manner described in section 8104(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 5%; or  (2) the value of the asset producing the receipt for which the allocation would be made is less than 5% of the total value of the trust's assets at the beginning of the accounting period.    Cross References. Section 8148 is referred to in section 8144 of this title.
20 PA Cons Stat § 8150 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8150 - Liquidating asset

§ 8150. Liquidating asset. (a) Allocation.--A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.  (b) Definition.--As used in this section, the term "liquidating asset" means an asset the value of which 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 during a period of more than one year under an arrangement which does not provide for the payment of interest on the unpaid balance. The term does not include any of the following:  (1) A payment subject to section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments).  (2) Resources subject to section 8151 (relating to minerals, water and other natural resources). (3) Timber subject to section 8152 (relating to timber). (4) An activity subject to section 8154 (relating to derivatives and options). (5) An asset subject to section 8155 (relating to asset-backed securities). (6) An asset for which the trustee establishes a reserve for depreciation under section 8163 (relating to discretionary allocation of disbursements).    Cross References. Section 8150 is referred to in sections 8144, 8146, 8148, 8149 of this title.
20 PA Cons Stat § 8151 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8151 - Minerals, water and other natural resources

 § 8151. Minerals, water and other natural resources. (a) Allocation for receipts from minerals and other natural resources.--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 rental 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:  (i) sixty-six and two-thirds percent shall be allocated to principal; and (ii) 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 paragraph (1), (2) or (3):  (i) sixty-six and two-thirds percent of the net amount received shall be allocated to principal; and  (ii) the balance shall be allocated to income. (b) Allocation for receipts from water.-- (1) An amount received on account of an interest in renewable water shall be allocated to income.  (2) An amount received on account of an interest in nonrenewable water shall be allocated as follows:  (i) Sixty-six and two-thirds percent of the amount shall be allocated to principal. (ii) The balance shall be allocated to income. (c) Application.--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.    Cross References. Section 8151 is referred to in sections 8121, 8144, 8146, 8148, 8150 of this title.
20 PA Cons Stat § 8152 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8152 - Timber

 § 8152. Timber. (a) Allocation of net receipts.--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: (i) the amount of timber removed from the land exceeds the rate of growth of the timber; or  (ii) the net receipts are from the sale of standing timber. (3) To or between income and principal, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2) if the net receipts are from:  (i) the lease of timberland; or (ii) 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 paragraph (1), (2) or (3).  (b) Determining net receipts.--In determining net receipts to be allocated under subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.  (c) Application.--This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.    Cross References. Section 8152 is referred to in sections 8121, 8144, 8146, 8148, 8150 of this title.
20 PA Cons Stat § 8153 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES|Chapter 81 - Principal and Income|Section 8153 - Property not productive of income

 § 8153. Property not productive of income. (a) General rule.--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 section 8104 (relating to trustee's power to adjust) and that the trustee distributes to the spouse from principal pursuant to 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 section 8104(a). The trustee may decide which action or combination of actions to take.  (b) Other cases.--In cases not governed by subsection (a), 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.    Cross References. Section 8153 is referred to in section 8144 of this title.