New York Laws
Part 5 - Allocation of Disbursements During Administration of Trust
11-A-5.6 - Adjustments Between Principal and Income Because of Taxes

(1) elections and decisions that the fiduciary makes from time to time
regarding tax matters;
(2) an income tax or any other tax that is imposed upon the fiduciary
or a beneficiary as a result of a transaction involving or a
distribution from the estate or trust; or
(3) the ownership by an estate or trust of an interest in an entity
whose taxable income, whether or not distributed, is includable in the
taxable income of the estate, trust, or a beneficiary.

Structure New York Laws