reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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. 13.38.680. Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by AS 13.38.690, 13.38.700, 13.38.710, 13.38.720, or 13.38.750 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in AS 13.38.210(c) applies to the allocation. This power may be exercised by a co-trustee in the circumstances described in AS 13.38.210(d) and may be released for the reasons and in the manner described in AS 13.38.210(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 five percent; or
(2) the value of the asset producing the receipt for which the allocation would be made is less than five percent of the total value of the trust's assets at the beginning of the accounting period.
2023 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. 13.38.700. Liquidating assets.

(a) A trustee shall allocate 10 percent of the receipts from a liquidating asset to income and the balance to principal.
(b) In this section, “liquidating asset”
(1) means
(A) an asset the value of which will diminish or terminate because the asset is expected to produce receipts for a period of limited duration; or
(B) a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance;
(2) does not include
(A) an obligation subject to AS 13.38.670;
(B) a payment subject to AS 13.38.690;
(C) resources subject to AS 13.38.710;
(D) timber subject to AS 13.38.720;
(E) an activity subject to AS 13.38.740;
(F) an asset subject to AS 13.38.750; or
(G) an asset for which the trustee establishes a reserve for depreciation under AS 13.38.830.
2023 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. 13.38.710. 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 under this section, the trustee shall allocate them as follows:
(1) if received as nominal delay rent 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 shall be allocated to income;
(4) if an amount is received from a working interest or any other interest not provided for in (1) - (3) of this subsection, 90 percent of the net amount received shall be allocated to principal, and the balance shall be allocated to income.
(b) An amount received on account of an interest in renewable water shall be allocated to income. An amount received on account of an interest in nonrenewable water shall be allocated as follows:
(1) 90 percent of the amount shall be allocated to principal; and
(2) the balance shall be allocated 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.
2023 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. 13.38.720. Timber.

(a) 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 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) between income and principal, by determining the amount of timber removed from the land under the lease or contract and applying the rules in (1) and (2) of this subsection if the net receipts are from the lease of timberland or 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 (1) - (3) of this subsection.
(b) In determining net receipts to be allocated under (a) of this section, 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.
2023 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. 13.38.730. Property not productive of income; marital deduction.

(a) 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 AS 13.38.210 and that the trustee distributes to the spouse from principal under 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 AS 13.38.210(a). The trustee may decide which action or combination of actions to take. The income interest for a marital deduction trust described in this subsection shall be paid at least annually.
(b) In cases not governed by (a) of this section, 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.
(c) Unless otherwise provided by the trust instrument, a power or authority granted to a trustee, except for the authority to refrain from electing qualified terminal interest property treatment under 26 U.S.C. 2056 or 2523 (Internal Revenue Code), does not prevent a qualifying trust from being eligible for the marital deduction. All powers granted to a trustee shall be construed consistently with this subsection. In this subsection, “qualifying trust” means a trust
(1) that is designated in the trust instrument as a trust eligible for the federal estate or gift tax marital deduction; or
(2) if it can be inferred from the trust instrument that the grantor intended the trust to be eligible for the federal estate or gift tax marital deduction.
2023 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. 13.38.740. Derivatives and options.

(a) To the extent that a trustee does not account under AS 13.38.620 for transactions in derivatives, the trustee shall allocate receipts from and disbursements made in connection with those transactions to principal.
(b) 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 or testator of the trust for services rendered, shall be allocated to principal.
(c) 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 another market indicator for an asset or a group of assets.
2023 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. 13.38.750. Asset-backed securities.

(a) 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 the portion of the payment that the payor identifies as being from interest or other current return to income, and the trustee shall allocate the balance of the payment to principal.
(b) 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.
(c) In this section, “asset-backed security”
(1) means an asset whose value is based on the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security;
(2) 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;
(3) does not include an asset to which AS 13.38.600 or 13.38.690 applies.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.800. Mandatory disbursements from income.

A trustee shall make the following disbursements from income:
(1) interest, except interest on taxes described in AS 13.38.810(a)(7);
(2) ordinary repairs;
(3) real estate and other regularly recurring taxes assessed against principal;
(4) recurring premiums on fire or other insurance covering the loss of a principal asset or the loss of income from or use of the asset.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.810. Mandatory disbursements from principal.

(a) A trustee shall make the following disbursements from principal:
(1) extraordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income;
(2) extraordinary repairs;
(3) compensation for legal services to the trustee;
(4) expenses in connection with accountings and judicial or other proceedings, including proceedings to construe, modify, or reform the trust or to protect the trust or its property;
(5) payments on the principal of a trust debt;
(6) premiums paid on a policy of insurance not described in AS 13.38.800(4) if the trust is the owner and beneficiary;
(7) estate, inheritance, and other transfer taxes, including interest and penalties, apportioned to the trust;
(8) disbursements related to environmental matters, including
(A) reclamation;
(B) assessing environmental conditions;
(C) remedying and removing environmental contamination;
(D) monitoring remedial activities and the release of substances;
(E) preventing future releases of substances;
(F) collecting amounts from persons liable or potentially liable for the costs of those activities;
(G) penalties imposed under environmental statutes or regulations and other payments made to comply with those statutes or regulations;
(H) statutory or common law claims by third parties;
(I) 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.820. Discretionary allocation of expenses.

Subject to AS 13.38.800 and 13.38.810, a trustee may, in the trustee's discretion, allocate to income or principal or partly to each ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including the compensation of the trustee and of a person providing investment advisory, custodial, or income tax return preparation services to the trustee.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.830. Transfers to principal for depreciation.

(a) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation. However, a trustee 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; or
(3) under this section if the trustee is accounting under AS 13.38.620 for the business or activity in which the asset is used.
(b) An amount transferred to principal is not required to be held as a separate fund.
(c) 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.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.840. Transfers from income to reimburse principal.

(a) A 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 disbursements if the trustee makes or expects to make a disbursement from principal that is allocable to income under AS 13.38.800 or 13.38.820 and that is paid from principal because it is unusually large, or is made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions.
(b) 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 (a) of this section.
(c) This section does not apply to the extent the trustee has been or expects to be reimbursed by a third party.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.850. 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 proportionately from
(1) income, to the extent that receipts from the entity are allocated to income; and
(2) principal, to the extent that
(A) receipts from the entity are allocated to principal; and
(B) the trust's share of the entity's taxable income exceeds the total receipts described in (1) of this subsection and (A) of this paragraph.
(d) For the purposes of this section, receipts allocated to principal or income shall be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 7. Allocation of Disbursements During Administration of Trust. › Sec. 13.38.860. Adjustments between principal and income because of taxes.

A trustee 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) an election or decision that the trustee makes regarding tax matters;
(2) an income tax or any other tax that is imposed on the trustee or a beneficiary as a result of a transaction involving the trust or distribution from the trust; or
(3) the ownership by a trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the trust or a beneficiary.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 8. General Provisions. › Sec. 13.38.900. Not applicable to mental health trust.

This chapter does not apply to the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 8. General Provisions. › Sec. 13.38.910. Uniformity of application and construction.

In applying and construing this chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 38. Alaska Principal and Income Act › Article 8. General Provisions. › Sec. 13.38.980. Definitions.

In this chapter, unless the context clearly indicates otherwise,
(1) “accounting period” means a calendar year, unless another 12-month period is selected by a fiduciary, and includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends;
(2) “beneficiary” includes, in the case of
(A) a decedent's estate, an heir, legatee, or devisee; and
(B) a trust, an income beneficiary and a remainder beneficiary;
(3) “fiduciary” means a personal representative or a trustee;
(4) “income” means money or property that a fiduciary receives as current return from a principal asset, and includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in AS 13.38.600 - 13.38.750;
(5) “income beneficiary” means a person to whom net income of a trust is or may be payable;
(6) “income interest” means the right of an income beneficiary to receive all or part of net income, whether the governing instrument requires it to be distributed or authorizes it to be distributed in the trustee's discretion;
(7) “mandatory income interest” means the right of an income beneficiary to receive net income that the governing instrument requires the fiduciary to distribute;
(8) “net income” means the total receipts allocated to income during an accounting period, minus disbursements made from income during the period, and plus or minus transfers under this chapter to or from income during the period;
(9) “person” means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a government, a governmental subdivision, an agency or instrumentality, a public corporation, or another legal or commercial entity;
(10) “principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates, or property held in trust in perpetuity;
(11) “remainder beneficiary” means a person entitled to receive principal when an income interest ends;
(12) “sui juris beneficiary” includes
(A) a court-appointed guardian of an incapacitated beneficiary;
(B) an agent for an incompetent beneficiary; and
(C) a court-appointed guardian of a minor beneficiary's estate;
(13) “trust” includes a revocable trust, an irrevocable trust, and a legal life estate arrangement;
(14) “trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court;
(15) “unitrust” means a trust from which a fixed percentage of the net fair market value of the trust's assets, valued annually, is paid not less often than annually to a beneficiary.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.005. Application.

Except as provided by AS 13.06.068, this chapter applies to the disposition at death of the following property acquired by a married person:
(1) all personal property, wherever situated,
(A) that was acquired as or became, and remained, community property under the laws of another jurisdiction; or
(B) all or the proportionate part of which was acquired with the rents, issues, or income of, or the proceeds from, or in exchange for, that community property; or
(C) traceable to that community property;
(2) all or the proportionate part of any real property situated in this state that was acquired with the rents, issues, or income of, the proceeds from, or in exchange for, property acquired as or that became, and remained, community property under the laws of another jurisdiction, or property traceable to that community property.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.010. Rebuttable presumptions.

Subject to AS 13.06.068, in determining whether this chapter applies to specific property, the following rebuttable presumptions apply:
(1) property acquired during marriage by a spouse of that marriage while domiciled in a jurisdiction under whose laws property could then be acquired as community property is presumed to have been acquired as or to have become, and remained, property to which this chapter applies; and
(2) real property situated in this state and personal property wherever situated acquired by a married person while domiciled in a jurisdiction under whose laws property could not then be acquired as community property, title to which was taken in a form that created rights of survivorship, are presumed not to be property to which this chapter applies.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.015. Disposition upon death.

Upon the death of a married person, one-half of the property to which this chapter applies is the property of the surviving spouse and is not subject to testamentary disposition by the decedent or distribution under the laws of succession of this state. The other half of the property to which this chapter applies is the property of the decedent and is subject to testamentary disposition or distribution under the laws of succession of this state. With respect to property to which this chapter applies, the one-half of the property that is the property of the decedent is not subject to the surviving spouse's right to elect against the will.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.020. Perfection of title of surviving spouse.

If the title to any property to which this chapter applies was held by the decedent at the time of death, title of the surviving spouse may be perfected by an order of the court or by execution of an instrument by the personal representative or the heirs or devisees of the decedent with the approval of the court. Neither the personal representative nor the court in which the decedent's estate is being administered has a duty to discover or attempt to discover whether the property held by the decedent is property to which this chapter applies, unless a written demand is made by the surviving spouse or the spouse's successor in interest.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.025. Perfection of title of personal representative, heir, or devisee.

If the title to any property to which this chapter applies is held by the surviving spouse at the time of the decedent's death, the personal representative or an heir or devisee of the decedent may institute an action to perfect title to the property. The personal representative has no fiduciary duty to discover or attempt to discover whether any property held by the surviving spouse is property to which this chapter applies, unless a written demand is made by an heir, devisee, or creditor of the decedent.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.030. Purchaser for value or lender.

(a) If a surviving spouse has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes the interest in the property free of any rights of the personal representative or an heir or devisee of the decedent.
(b) If a personal representative or an heir or devisee of the decedent has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes the interest in the property free of any rights of the surviving spouse.
(c) A purchaser for value or a lender need not inquire whether a vendor or borrower acted properly.
(d) The proceeds of a sale or creation of a security interest shall be treated in the same manner as the property transferred to the purchaser for value or a lender.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.045. Limitations on testamentary disposition.

This chapter does not authorize a person to dispose of property by will if it is held under limitations imposed by law preventing testamentary disposition by that person.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 41. Uniform Disposition of Community Property Rights at Death › Sec. 13.41.050. Uniformity of application and construction.

This chapter shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among those states that enact it.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 46. Alaska Uniform Transfers to Minors Act › Sec. 13.46.010. Scope and jurisdiction.

(a) This chapter applies to a transfer that refers to this chapter in the designation under AS 13.46.080(a) by which the transfer is made, if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from this state.
(b) A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to a matter relating to the custodianship.
(c) A transfer that purports to be made and that is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act of another state is governed by the law of the designated state.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 46. Alaska Uniform Transfers to Minors Act › Sec. 13.46.020. Nomination of custodian.

(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for _____________________________________ (name of minor) under the Alaska Uniform Transfers to Minors Act.” The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights that is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under AS 13.46.080(a).
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under AS 13.46.080. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under AS 13.46.080.
2023 Alaska Statutes › Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions › Chapter 46. Alaska Uniform Transfers to Minors Act › Sec. 13.46.030. Transfer by gift or exercise of power of appointment.

A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor under AS 13.46.080.