§ 28-4805.03. Transfers from income to principal for depreciation.

Current through October 23, 2012

(a) For the purposes of this section, the term "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; or

(3) Under this section if the trustee is accounting under § 28-4804.03 for the business or activity in which the asset is used.

                
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(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 13-292, see notes following § 28-4801.01.

Uniform Law

This section is based upon § 503 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.