reglab/housing_qa huggingface dataset:
CO Code § 15-1.2-411 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-411. Minerals, Water, and Other Natural Resources

  [ ] To the extent a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under section 15-1.2-403, the fiduciary shall allocate the receipt:   To income, to the extent received:   As delay rental or annual rent on a lease;    As a factor for interest or the equivalent of interest under an agreement creating a production payment; or    On account of an interest in renewable water;       To principal, if received from a production payment, to the extent subsection (1)(a)(II) of this section does not apply; or    Between income and principal equitably, to the extent received:   On account of an interest in non-renewable water;    As a royalty, shut-in-well payment, take-or-pay payment, or bonus; or    From a working interest or any other interest not provided for in subsection (1)(a), (1)(b), (1)(c)(I), or (1)(c)(II) of this section.          This section applies to an interest owned or held by a fiduciary whether or not a settlor was extracting minerals, water, or other natural resources before the fiduciary owned or held the interest.    An allocation of a receipt under subsection (1)(c) of this section is presumed to be equitable if the amount allocated to principal is equal to the amount allowed by sections 611 through 614 of the “Internal Revenue Code of 1986”, 26 U.S.C. secs. 611 through 614, as amended, as a deduction for depletion of the interest.    If a fiduciary owns or holds an interest in minerals, water, or other natural resources before the effective date of this article 1.2, the fiduciary may allocate receipts from the interest as provided in this section or in the manner used by the fiduciary before the effective date of this article 1.2. If the fiduciary acquires an interest in minerals, water, or other natural resources on or after the effective date of this article 1.2, the fiduciary shall allocate receipts from the interest as provided in this section.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 828, § 1, effective January 1, 2022.
CO Code § 15-1.2-412 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-412. Timber

  [ ] To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under section 15-1.2-403, the fiduciary shall allocate the net receipts:   To income, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber;    To principal, to the extent the amount of timber cut from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;    Between income and principal if the net receipts are from the lease of land used for growing and cutting timber or from a contract to cut timber from land, by determining the amount of timber cut from the land under the lease or contract and applying the rules in subsections (1)(a) and (1)(b) of this section; or    To principal, to the extent advance payments, bonuses, and other payments are not allocated under subsection (1)(a), (1)(b), or (1)(c) of this section.       In determining net receipts to be allocated under subsection (1) of this section, a fiduciary shall deduct and transfer to principal a reasonable amount for depletion.    This section applies to land owned or held by a fiduciary whether or not a settlor was cutting timber from the land before the fiduciary owned or held the property.    If a fiduciary owns or holds an interest in land used for growing and cutting timber before the effective date of this article 1.2, the fiduciary may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the fiduciary before the effective date of this article 1.2. If the fiduciary acquires an interest in land used for growing and cutting timber on or after the effective date of this article 1.2, the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 829, § 1, effective January 1, 2022.
CO Code § 15-1.2-413 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-413. Marital Deduction Property Not Productive of Income

  [ ] If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent the trust assets otherwise do not provide the spouse with sufficient income from or use of the trust assets to qualify for the deduction, to:   Make property productive of income;    Convert property to property productive of income within a reasonable time; or    Exercise the power to adjust under section 15-1.2-203.       The trustee may decide which action or combination of actions in subsection (1) of this section to take.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 829, § 1, effective January 1, 2022.
CO Code § 15-1.2-414 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-414. Derivative or Option - Definition

  [ ] In this section, “derivative” means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, the value, rights, and obligations of which are, in whole or in part, dependent on or derived from an underlying tangible or intangible asset, group of tangible or intangible assets, index, or occurrence of an event. The term includes stocks, fixed income securities, and financial instruments and arrangements based on indices, commodities, interest rates, weather-related events, and credit-default events.    To the extent a fiduciary does not account for a transaction in derivatives as a business under section 15-1.2-403, the fiduciary shall allocate ten percent of receipts from the transaction and ten percent of disbursements made in connection with the transaction to income and the balance to principal.    Subsection (4) of this section applies if:   A fiduciary:   Grants an option to buy property from a 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 fiduciary or other owner of the asset is required to deliver the asset if the option is exercised.       If this subsection (4) applies, the fiduciary shall allocate ten percent to income and the balance to principal of the following amounts:   An amount received for granting the option;    An amount paid to acquire the option; and    Gain or loss realized on the exercise, exchange, settlement, offset, closing, or expiration of the option.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 830, § 1, effective January 1, 2022.
CO Code § 15-1.2-415 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-415. Asset-Backed Security

  [ ] Except as otherwise provided in subsection (2) of this section, a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt.    If a fiduciary receives one or more payments in exchange for part or all of the fiduciary's interest in an asset-backed security, including a liquidation or redemption of the fiduciary's interest in the security, the fiduciary shall allocate to income ten percent of receipts from the transaction and ten percent of disbursements made in connection with the transaction, and to principal the balance of the receipts and disbursements.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 831, § 1, effective January 1, 2022.
CO Code § 15-1.2-416 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-416. Other Financial Instrument or Arrangement

 [ ] A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this article 1.2. The allocation must be consistent with sections 15-1.2-414 and 15-1.2-415 .  Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 831, § 1, effective January 1, 2022.
CO Code § 15-1.2-501 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-501. Disbursement From Income

  [ ] Subject to section 15-1.2-504, and except as otherwise provided in section 15-1.2-601 (3)(b) or (3)(c), a fiduciary shall disburse from income:   One-half of:   The regular compensation of the fiduciary and any person providing investment advisory, custodial, or other services to the fiduciary, to the extent income is sufficient; and    An expense for an accounting, judicial or nonjudicial proceeding, or other matter that involves both income and successive interests, to the extent income is sufficient;       The balance of the disbursements described in subsection (1)(a) of this section, to the extent a fiduciary that is an independent person determines that making those disbursements from income would be in the interests of the beneficiaries;    Another ordinary expense incurred in connection with administration, management, or preservation of property and distribution of income, including interest, an ordinary repair, regularly recurring tax assessed against principal, and an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily an income interest, to the extent income is sufficient; and    A premium on insurance covering loss of a principal asset or income from or use of the asset.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 831, § 1, effective January 1, 2022.
CO Code § 15-1.2-502 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-502. Disbursement From Principal

  [ ] Subject to section 15-1.2-505, and except as otherwise provided in section 15-1.2-601 (3)(b), a fiduciary shall disburse from principal:   The balance of the disbursements described in section 15-1.2-501 (1)(a) and (1)(c), after application of section 15-1.2-501 (1)(b);    The fiduciary's compensation calculated on principal as a fee for acceptance, distribution, or termination;    A payment of an expense to prepare for or execute a sale or other disposition of property;    A payment on the principal of a trust debt;    A payment of an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily principal, including a proceeding to construe the terms of the trust or protect property;    A payment of a premium for insurance, including title insurance, not described in section 15-1.2-501 (1)(d), of which the fiduciary is the owner and beneficiary;    A payment of an estate or inheritance tax or other tax imposed because of the death of a decedent, including penalties, apportioned to the trust; and    A payment:   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 activities described in subsections (1)(h)(I)(A) through (1)(h)(I)(E) of this section;    Penalties imposed under environmental laws or regulations;    Other actions to comply with environmental laws or regulations;    Under section 15-1.2-410 for the asset; or       For a premium for insurance for matters described in subsection (1)(h)(I) of this section.    Under section 15-1.2-403 for the business or other activity in which the asset is used.          If a principal asset is encumbered with an obligation that requires income from the asset to be paid directly to a creditor, the fiduciary 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.    Editor's note: This section is effective January 1, 2022.  Statutory or common law claims by third parties; and   (J) Defending claims based on environmental matters; and   History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 832, § 1, effective January 1, 2022.
CO Code § 15-1.2-503 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-503. Transfer From Income to Principal for Depreciation - Definition

  [ ] In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.    A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:   Of the part of real property used or available for use by a beneficiary as a residence;    Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or    Under this section, to the extent the fiduciary accounts:       An amount transferred to principal under this section need not be separately held.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 833, § 1, effective January 1, 2022.
CO Code § 15-1.2-504 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-504. Reimbursement of Income From Principal

  [ ] If a fiduciary makes or expects to make an income disbursement described in subsection (2) of this section, the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income.    To the extent the fiduciary has not been and does not expect to be reimbursed by a third party, income disbursements to which subsection (1) of this section applies include:   An amount chargeable to principal but paid from income because principal is illiquid;    A disbursement made to prepare property for sale, including improvements and commissions; and    A disbursement described in section 15-1.2-502 (1).       If an asset whose ownership gives rise to an income disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection (1) of this section.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 833, § 1, effective January 1, 2022.
CO Code § 15-1.2-505 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-505. Reimbursement of Principal From Income

  [ ] If a fiduciary makes or expects to make a principal disbursement described in subsection (2) of this section, the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future principal disbursements.    To the extent a fiduciary has not been and does not expect to be reimbursed by a third party, principal disbursements to which subsection (1) of this section applies include:   An amount chargeable to income but paid from principal because income is not sufficient;    The cost of an improvement to principal, whether a change to an existing asset or the construction of a new asset, including a special assessment;    A disbursement made to prepare property for rental, including tenant allowances, leasehold improvements, and commissions;    A periodic payment on an obligation secured by a principal asset, to the extent the amount transferred from income to principal for depreciation is less than the periodic payment; and    A disbursement described in section 15-1.2-502 (1).       If an asset whose ownership gives rise to a principal disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection (1) of this section.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 834, § 1, effective January 1, 2022.
CO Code § 15-1.2-506 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-506. Income Taxes

  [ ] A tax required to be paid by a fiduciary which is based on receipts allocated to income must be paid from income.    A tax required to be paid by a fiduciary which is based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.    Subject to subsection (4) of this section and sections 15-1.2-504, 15-1.2-505, and 15-1.2-507, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must be paid from:   Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and    Principal to the extent the tax exceeds the receipts from the entity in the period.       After applying subsections (1) through (3) of this section, a fiduciary shall adjust income or principal receipts, to the extent the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 834, § 1, effective January 1, 2022.
CO Code § 15-1.2-507 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 5 - Allocation of Disbursements (Effective January 1, 2022)|§ 15-1.2-507. Adjustment Between Income and Principal Because of Taxes

  [ ] A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries which arises from:   An election or decision the fiduciary makes regarding a tax matter, other than a decision to claim an income tax deduction to which subsection (2) of this section applies;    An income tax or other tax imposed on the fiduciary or a beneficiary as a result of a transaction involving the fiduciary or a distribution by the fiduciary; or    Ownership by the fiduciary of an interest in an entity a part of whose taxable income, whether or not distributed, is includable in the taxable income of the fiduciary or a beneficiary.       If the amount of an estate tax marital or charitable 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 the fiduciary or a beneficiary are decreased, the fiduciary shall charge each beneficiary that benefits from the decrease in income tax to 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 the principal used to pay the increase would have qualified for a marital or charitable deduction but for the payment. The share of the reimbursement for each fiduciary or beneficiary whose income taxes are reduced must be the same as its share of the total decrease in income tax.    A fiduciary that charges a beneficiary under subsection (2) of this section may offset the charge by obtaining payment from the beneficiary, withholding an amount from future distributions to the beneficiary, or adopting another method or combination of methods.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 835, § 1, effective January 1, 2022.