637.410 Principal receipts.
The following items must be allocated to principal:
1. To the extent not allocated to income under this chapter, assets received from any of the following sources:
a. A transferor during the transferor’s lifetime.
b. A decedent’s estate.
c. A trust with a terminating income interest.
d. A payor pursuant to a contract naming the trust or its trustee as beneficiary.
2. Cash or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this subchapter.
3. Amounts recovered from third parties to reimburse the trust because of disbursements described in section 637.502, subsection 1, paragraph “g”, or for other reasons to the extent not based on the loss of income.
4. Proceeds of property taken by eminent domain, but 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.
5. Net income received in a period during which there is no beneficiary to whom a trustee may or must distribute income.
6. Other receipts, as provided in part 3.
99 Acts, ch 124, §12
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 637 - UNIFORM PRINCIPAL AND INCOME ACT
Section 637.101 - Short title.
Section 637.102 - Definitions.
Section 637.103 - Fiduciary duties — general principles.
Section 637.201 - Determination and distribution of net income.
Section 637.202 - Distribution to residuary and remainder beneficiaries.
Section 637.301 - When right to income begins and ends.
Section 637.303 - Apportionment when income interest ends.
Section 637.401 - Character of receipts.
Section 637.402 - Distribution from trust or estate.
Section 637.403 - Business and other activities conducted by trustee.
Section 637.410 - Principal receipts.
Section 637.411 - Rental property.
Section 637.412 - Obligation to pay money.
Section 637.413 - Insurance policies and similar contracts.
Section 637.420 - Insubstantial allocations not required.
Section 637.421 - Deferred compensation, annuities, and similar payments.
Section 637.422 - Liquidating asset.
Section 637.423 - Minerals, water, and other natural resources.
Section 637.425 - Property not productive of income.
Section 637.426 - Derivatives and options.
Section 637.427 - Asset-backed securities.
Section 637.501 - Disbursements from income.
Section 637.502 - Disbursements from principal.
Section 637.503 - Transfers from income to principal for depreciation.
Section 637.504 - Transfers from income to reimburse principal.
Section 637.505 - Income taxes.
Section 637.506 - Adjustments between principal and income because of taxes.
Section 637.601 - Definitions.
Section 637.602 - Trustee’s authority to convert.
Section 637.603 - Trustee requirements to convert or change computation method.
Section 637.604 - Interested trustee’s authority to convert.
Section 637.605 - Interested trustee requirements to convert or change computation method.
Section 637.606 - Petition to court to convert trust.
Section 637.607 - Valuation of trust.
Section 637.608 - Payout percentage.
Section 637.609 - Unitrust amount.
Section 637.610 - Procedure upon conversion of income trust to total return unitrust.
Section 637.611 - Total return unitrust administration.
Section 637.612 - Principal distributions subject to governing instrument.
Section 637.613 - Construction and applicability.
Section 637.614 - Good faith actions.
Section 637.615 - Effective date.
Section 637.701 - Application of chapter to existing trusts and estates — chapter prevails.