386.462 Apportionment of receipts and disbursements when decedent dies or

278 words·~1 min read·/ky/386-462

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

income interest begins.

(1)A trustee shall allocate an income receipt or disbursement other than one to which

KRS 386.456(1) applies to principal if its due date occurs before a decedent dies in

the case of an estate or before an income interest begins in the case of a trust or

successive income interest.

(2)A trustee shall allocate an income receipt or disbursement to income if its due date

occurs on or after the date on which a decedent dies or an income interest begins

and it is a periodic due date. An income receipt or disbursement shall be treated as

accruing from day to day if its due date is not periodic or it has no due date. The

portion of the receipt or disbursement accruing before the date on which a decedent

dies or an income interest begins shall be allocated to principal and the balance shall

be allocated to income.

(3)An item of income or an obligation is due on the date the payer is required to make

a payment. If a payment date is not stated, there is no due date for the purposes of

KRS 386.450 to 386.504. Distributions to shareholders or other owners from an

entity to which KRS 386.466 applies are deemed to be due on the date fixed by the

entity for determining who is entitled to receive the distribution or, if no date is

fixed, on the declaration date for the distribution. A due date is periodic for receipts

or disbursements that shall be paid at regular intervals under a lease or an obligation

to pay interest or if an entity customarily makes distributions at regular intervals.