2006 Georgia Code - 53-12-212

53-12-212. (a) Income is the return in money or property derived from the use of principal, including but not limited to return received as: (1) Rent of real or personal property, including sums received for cancellation or renewal of a lease; (2) Interest on money lent, including sums received as consideration for the privilege of prepayment of principal except as provided in Code Section 53-12-215 on bond premium and bond discount; (3) Income earned during administration of a decedent´s estate; (4) Corporate distributions as provided in Code Section 53-12-214; (5) Accrued increment on bonds or other obligations issued at discount as provided in Code Section 53-12-215; (6) Receipts from business and farming operations as provided in Code Section 53-12-216; or (7) Receipts from property subject to depletion and timber as provided in Code Sections 53-12-217 and 53-12-218. (b) Principal is the property which has been set aside by the owner or the person legally empowered so that it is held in trust eventually to be delivered to a remainder beneficiary while the return or use of the principal is in the meantime taken or received by or held for accumulation for an income beneficiary. Principal includes, but is not limited to: (1) Consideration received by the trustee on the sale or other transfer of principal or on repayment of a loan or as a refund or replacement or change in the form of principal; (2) Proceeds of property taken on eminent domain proceedings; (3) Proceeds of insurance upon property forming part of the principal except proceeds of insurance upon a separate interest of an income beneficiary; (4) Stock dividends, receipts on liquidation of a corporation, and other corporate distributions as provided in Code Section 53-12-214; (5) Receipts from the disposition of corporate securities as provided in Code Section 53-12-215; (6) Receipts from property subject to depletion and timber as provided in Code Sections 53-12-217 and 53-12-218; (7) Any profit resulting from any change in the form of principal; (8) Any allowances for depreciation established under Code Section 53-12-216 and paragraph (2) of subsection (a) of Code Section 53-12-219.

Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.