2000 Minnesota Code
Chapters 500 - 515B Property Interests and Liens
Chapter 501B Trusts
Section 501B.66 Business and farming operations.
501B.66 Business and farming operations.
Subdivision 1. Business income or losses. If a trustee uses part of the principal in the continuance of a business of which the settlor was a sole proprietor or a partner, the net profits of the business, computed in accordance with generally accepted accounting principles for a comparable business, are income. If a loss results in any fiscal or calendar year, the loss falls on principal and must not be carried into any other fiscal or calendar year for purposes of calculating new income.
Subd. 2. Agricultural income. Generally accepted accounting principles must be used to determine income from an agricultural or farming operation, including the raising of animals or the operation of a nursery.
HIST: 1989 c 340 art 1 s 55
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