To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:
In determining net receipts to be allocated pursuant to subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.
This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
If a trust owns an interest in timberland on January 1, 2013, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before January 1, 2013. If the trust acquires an interest in timberland after January 1, 2013, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.
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