There is a newer version
of
the New York Laws
2018 New York Laws
EPT - Estates, Powers and Trusts
Article 11-A - Uniform Principal and Income Act
Part 5 - Allocation of Disbursements During Administration of Trust
11-A-5.6 - Adjustments Between Principal and Income Because of Taxes
Universal Citation: NY Est Pow & Trusts L § 11-A-5.6 (2018)
§ 11-A-5.6 Adjustments between principal and income because of taxesA fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:
(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.
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