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 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 trust to a trustee, Code Section 53-12-410 or 53-12-431 shall apply to a receipt from the trust.
History. Code 1981, § 53-12-411 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
Structure Georgia Code
Title 53 - Wills, Trusts, and Administration of Estates
Article 17 - Georgia Principal and Income Act
Part 4 - Allocation of Receipts During Administration of Trust
Subpart 1 - Receipts From Entities
§ 53-12-410. Character of Receipts
§ 53-12-411. Distribution From Trust or Estate
§ 53-12-412. Business and Other Activities Conducted by Trustee