New York Laws
Sub Part 1 - Receipts From Entities
11-A-4.3 - Business and Other Activities Conducted by Trustee

(a) If a trustee who conducts a business or other activity determines
that it is in the best interest of all the beneficiaries to account
separately for the business or activity instead of accounting for it as
part of the trust's general accounting records, the trustee may maintain
separate accounting records for its transactions, whether or not its
assets are segregated from other trust assets.
(b) A trustee who accounts separately for a business or other activity
may determine the extent to which its net cash receipts must be retained
for working capital, the acquisition or replacement of fixed assets, and
other reasonably foreseeable needs of the business or activity, and the
extent to which the remaining net cash receipts are accounted for as
principal or income in the trust's general accounting records. If a
trustee sells assets of the business or other activity, other than in
the ordinary course of the business or activity, the trustee shall
account for the net amount received as principal in the trust's general
accounting records to the extent the trustee determines that the amount
received is no longer required in the conduct of the business.
(c) Activities for which a trustee may maintain separate accounting
records include:
(1) retail, manufacturing, service, and other traditional business
activities;
(2) farming;
(3) raising and selling livestock and other animals;
(4) management of rental properties;
(5) extraction of minerals and other natural resources;
(6) timber operations; and
(7) activities to which 11-A-4.14 applies.

Structure New York Laws