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 and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 28-70-401 or § 28-70-415 applies to a receipt from the trust.
Structure Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 70 - Uniform Principal And Income Act
Subchapter 4 - Allocation of Receipts During Administration of Trust
Part 1 - Receipts From Entities
§ 28-70-401. Character of receipts
§ 28-70-402. Distribution from trust or estate
§ 28-70-403. Business and other activities conducted by trustee