(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.
Structure 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.
Sec. 13.38.610. Distribution from trust or estate.
Sec. 13.38.620. Business and other activities conducted by trustee.
Sec. 13.38.630. Principal receipts.
Sec. 13.38.640. Rental property.
Sec. 13.38.650. Obligation to pay money.
Sec. 13.38.660. Insurance policies and similar contracts.
Sec. 13.38.670. Special rules for charitable remainder unitrusts.
Sec. 13.38.680. Insubstantial allocations not required.
Sec. 13.38.700. Liquidating assets.
Sec. 13.38.710. Minerals, water, and other natural resources.
Sec. 13.38.730. Property not productive of income; marital deduction.