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, Section 91-17-401 or 91-17-415 applies to a receipt from the trust.
Structure Mississippi Code
Chapter 17 - Mississippi Principal and Income Act of 2013
Article 4 - Allocation of Receipts During Administration of Trust
§ 91-17-401. Character of receipt
§ 91-17-402. Distribution from trust or estate
§ 91-17-403. Business and other activities conducted by trustee
§ 91-17-404. Principal receipts
§ 91-17-406. Obligation to pay money
§ 91-17-407. Insurance policies and similar contracts
§ 91-17-408. Insubstantial allocations not required
§ 91-17-409. Deferred compensation, annuities, and similar payments
§ 91-17-410. Liquidating asset
§ 91-17-411. Minerals, water, and other natural resources
§ 91-17-413. Property not productive of income