Kansas Statutes
Article 9a - Uniform Fiduciary Income And Principal Act
58-9a,505 Reimbursement of principal from income.

58-9a-505. Reimbursement of principal from income. (a) If a fiduciary makes or expects to make a principal disbursement described in subsection (b), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future principal disbursements.
(b) To the extent a fiduciary has not been and does not expect to be reimbursed by a third party, principal disbursements to which subsection (a) applies include:
(1) An amount chargeable to income but paid from principal because income is not sufficient;
(2) the cost of an improvement to principal, whether a change to an existing asset or the construction of a new asset, including a special assessment;
(3) a disbursement made to prepare property for rental, including tenant allowances, leasehold improvements and commissions;
(4) a periodic payment on an obligation secured by a principal asset, to the extent the amount transferred from income to principal for depreciation is less than the periodic payment; and
(5) a disbursement described in K.S.A. 2021 Supp. 58-9a-502(a), and amendments thereto.
(c) If an asset whose ownership gives rise to a principal disbursement becomes subject to a successive interest after an income interest ends, the fiduciary may continue to make transfers under subsection (a).
History: L. 2021, ch. 63, ยง 37; July 1.

Structure Kansas Statutes

Kansas Statutes

Chapter 58 - Personal And Real Property

Article 9a - Uniform Fiduciary Income And Principal Act

58-9a,101 Citation of act.

58-9a,102 Definitions.

58-9a,103 Scope.

58-9a,104 Governing law.

58-9a,201 Fiduciary duties; general principles.

58-9a,202 Judicial review of exercise of discretionary power; request for instruction.

58-9a,203 Fiduciary's power to adjust.

58-9a,301 Definitions related to unitrusts.

58-9a,302 Application; duties and remedies.

58-9a,303 Authority of fiduciary.

58-9a,304 Notice to fiduciaries.

58-9a,305 Unitrust policy; requirements.

58-9a,306 Same; unitrust rate.

58-9a,307 Same; applicable value.

58-9a,308 Same; period required; optional standards.

58-9a,309 Special tax benefits; other rules.

58-9a,401 Character of receipts from entity.

58-9a,402 Receipts from distribution from trust or estate.

58-9a,403 Accounting for business or other activity conducted by fiduciary.

58-9a,404 Principal receipts.

58-9a,405 Receipts from rental property.

58-9a,406 Receipt from obligation to be paid in money.

58-9a,407 Receipts from insurance policy or contract.

58-9a,408 Insubstantial allocation not required.

58-9a,409 Receipts from deferred compensation, annuity or similar payment.

58-9a,410 Receipts produced by a liquidating asset.

58-9a,411 Receipts from interest in minerals, water and other natural resources.

58-9a,412 Receipts from sale of timber.

58-9a,413 Marital deduction property not productive of income.

58-9a,414 Receipts from derivative or option.

58-9a,415 Receipts from asset-backed security.

58-9a,416 Receipts from other financial instrument or arrangement.

58-9a,501 Disbursement from income.

58-9a,502 Disbursement from principal.

58-9a,503 Transfer from income to principal for depreciation.

58-9a,504 Reimbursement of income from principal.

58-9a,505 Reimbursement of principal from income.

58-9a,506 Income taxes.

58-9a,507 Adjustment between income and principal because of taxes.

58-9a,601 Determination and distribution of net income.

58-9a,602 Distribution to successor beneficiary.

58-9a,701 When right to income begins and ends.

58-9a,702 Apportionment of receipts and disbursements when decedent dies or income interest begins.

58-9a,703 Apportionment when income interest ends.

58-9a,801 Uniformity of application and construction.

58-9a,802 Relation to electronic signatures in global and national commerce act.

58-9a,803 Application to trust or estate.

58-9a,804 Severability.