reglab/housing_qa huggingface dataset:
VA Code § 64.2-1019 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1019. Minerals, water, and other natural resources

A. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to 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, 90 percent shall be allocated to principal and the balance to income.4. If an amount is received from a working interest or any other interest not provided for in subdivision 1, 2, or 3, 90 percent of the net amount received shall be allocated to principal and the balance to income.B. An amount received on account of an interest in water that is renewable shall be allocated to income. If the water is not renewable, 90 percent of the amount shall be allocated to principal and the balance to income.C. This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.D. If a trust owns an interest in minerals, water, or other natural resources on January 1, 2000, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before January 1, 2000. If the trust acquires an interest in minerals, water, or other natural resources after January 1, 2000, the trustee shall allocate receipts from the interest as provided in this chapter.1999, c. 975, § 55-277.20; 2012, c. 614.
VA Code § 64.2-1020 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1020. Timber

A. 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:1. To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;2. To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;3. 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 subdivision 1 or 2; or4. To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subdivision 1, 2, or 3.B. In determining net receipts to be allocated pursuant to subsection A, a trustee shall deduct and transfer to principal a reasonable amount for depletion.C. This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.D. If a trust owns an interest in timberland on January 1, 2000, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before January 1, 2000. If the trust acquires an interest in timberland after January 1, 2000, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.1999, c. 975, § 55-277.21; 2012, c. 614.
VA Code § 64.2-1021 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1021. Property not productive of income

A. 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 § 64.2-1002 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, convert property within a reasonable time, or exercise the power conferred by subsection A of § 64.2-1002. The trustee may decide which action or combination of actions to take.B. 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.1999, c. 975, § 55-277.22; 2012, c. 614.
VA Code § 64.2-1022 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1022. Derivatives and options

A. 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.B. To the extent that a trustee does not account under § 64.2-1011 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.C. If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option shall be allocated to principal. An amount paid to acquire the option shall be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, shall be allocated to principal.1999, c. 975, § 55-277.23; 2012, c. 614.
VA Code § 64.2-1023 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1023. Asset-backed securities

A. 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 § 64.2-1009 or 64.2-1017 applies.B. 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.C. If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.1999, c. 975, § 55-277.24; 2012, c. 614.
VA Code § 64.2-1024 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1024. Disbursements from income

A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision 2 b or 2 c of § 64.2-1004 applies:1. One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;2. 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; and4. Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.1999, c. 975, § 55-277.25; 2012, c. 614.
VA Code § 64.2-1025 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1025. Disbursements from principal

A. A trustee shall make the following disbursements from principal:1. The remaining one-half of the disbursements described in subdivisions 1 and 2 of § 64.2-1024;2. 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;3. Payments on the principal of a trust debt;4. Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;5. Premiums paid on a policy of insurance not described in subdivision 4 of § 64.2-1024 of which the trust is the owner and beneficiary;6. Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and7. 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.B. If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.C. Notwithstanding any other provision of law and unless the governing instrument provides to the contrary, a trustee may pay from the principal of the trust from time to time (i) the federal or state income taxes, or both, imposed upon the settlor on income of the trust that is not distributed to the settlor, or (ii) such amounts that are required to reimburse the settlor for any federal or state income taxes, or both, imposed on the settlor on income of the trust that is not distributed to the settlor. The trustee shall not have the power to make payments pursuant to this subsection with respect to any trust where a charitable income, estate, or gift tax deduction has been allowed, in whole or in part, for the contributions to such trust if the exercise of such power would limit or reduce the amount of such deduction.1999, c. 975, § 55-277.26; 2012, cc. 614, 718.
VA Code § 64.2-1026 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1026. Transfers from income to principal for depreciation

A. In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.B. A trustee 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:1. Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;2. During the administration of a decedent's estate; or3. Under this section if the trustee is accounting under § 64.2-1011 for the business or activity in which the asset is used.C. An amount transferred to principal need not be held as a separate fund.1999, c. 975, § 55-277.27; 2012, c. 614.
VA Code § 64.2-1027 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1027. Transfers from income to reimburse principal

A. 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.B. Principal disbursements to which subsection A 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:1. An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;2. 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;3. Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;4. 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; and5. Disbursements described in subdivision A 7 of § 64.2-1025.C. 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 A.1999, c. 975, § 55-277.28; 2012, c. 614.
VA Code § 64.2-1028 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1028. Income taxes

A. A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.B. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.C. A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid:1. From income to the extent that receipts from the entity are allocated only to income;2. From principal to the extent that receipts from the entity are allocated only to principal;3. Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and4. From principal to the extent that the tax exceeds the total receipts from the entity.D. After applying subsections A through C, 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.1999, c. 975, § 55-277.29; 2009, c. 477; 2012, c. 614.
VA Code § 64.2-1029 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1029. Adjustments between principal and income because of taxes

A. 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:1. Elections and decisions, other than those described in subsection B, that the fiduciary makes from time to time regarding tax matters;2. 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; or3. The ownership by an 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.B. 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 an 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 shall 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 shall be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.1999, c. 975, § 55-277.30; 2012, c. 614.
VA Code § 64.2-1030 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1030. Expenses and receipts; nontrust estates

A. The provisions of this chapter concerning the allocation and apportionment of receipts and expenses to principal and income shall govern the allocation and apportionment of receipts and expenses between a tenant and a remainderman where no trust has been created, except as otherwise provided in subsection B or C, and except for any provision that requires the exercise of a discretionary power by a trustee.B. The cost of, or special taxes or assessments for, an improvement representing an addition of value to property forming part of the principal shall be paid by the tenant, when such improvement cannot reasonably be expected to outlast the estate of the tenant. In all other cases a portion thereof only shall be paid by the tenant, while the remainder shall be paid by the remainderman. Such portion shall be ascertained by taking that percentage of the total that is found by dividing the present value of the tenant's estate by the present value of an estate corresponding to the reasonably expected duration of the improvement. The computation of present values of the estate shall be made on the expectancy basis set forth in § 55.1-500 and no other evidence of duration or expectancy shall be considered. When either tenant or remainderman has incurred an expense for the benefit of his own estate and without the consent or agreement of the other, he shall pay such expense in full.C. The rules of this section are subject to any agreement of the parties.1999, c. 975, § 55-277.31; 2012, c. 614.
VA Code § 64.2-1031 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1031. Uniformity of application and construction

In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.1999, c. 975, § 55-277.32; 2012, c. 614.
VA Code § 64.2-1032 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 10 - Uniform Principal and Income Act|§ 64.2-1032. Application of chapter to existing trusts, decedent's estates, and nontrust estates

This chapter applies to every trust, decedent's estate, or nontrust estate existing on January 1, 2000, except as otherwise expressly provided in the will or the terms of the trust, any other governing document, or in this chapter.1999, c. 975, § 55-277.33; 2012, c. 614.
VA Code § 64.2-1100 (2021)
2021 Code of Virginia|Title 64.2 - Wills, Trusts, and Fiduciaries|Chapter 11 - Uniform Prudent Management of Institutional Funds Act|§ 64.2-1100. Definitions

In this chapter:"Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental or municipal purpose, or any other purpose the achievement of which is beneficial to the community."Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use."Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund."Institution" means:1. A person, other than an individual, organized and operated exclusively for charitable purposes;2. A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or3. A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated."Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:1. Program-related assets;2. A fund held for an institution by a trustee that is not an institution, unless the fund is held by the trustee as a component trust of a community trust or foundation; or3. A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund."Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity."Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment."Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.1973, c. 167, § 55-268.1; 1995, c. 199; 1997, c. 219; 2008, c. 184, § 55-268.12; 2012, c. 614.