Kansas § 58-9a-503 Transfer from income to principal for depreciation

Kansas Statutes

§ 58-9a-503 — Transfer from income to principal for depreciation

Kansas·Ch. 58 PERSONAL AND REAL PROPERTY·Art. 9a UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT

(a)In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a tangible asset having a useful life of more than one year.

(b)A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

(1)Of the part of real property used or available for use by a beneficiary as a residence;

(2)of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or

(3)under this section, to the extent the fiduciary accounts:

(A)Under K.S.A. 2024 Supp. 58-9a-410, and amendments thereto, for the asset; or

(B)under K.S.A. 2024 Supp. 58-9a-403, and amendments thereto, for the bu

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(a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a tangible asset having a useful life of more than one year.
(b) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(1) Of the part of real property used or available for use by a beneficiary as a residence;
(2) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or
(3) under this section, to the extent the fiduciary accounts:
(A) Under K.S.A. 2024 Supp. 58-9a-410, and amendments thereto, for the asset; or
(B) under K.S.A. 2024 Supp. 58-9a-403, and amendments thereto, for the business or other activity in which the asset is used.
(c) An amount transferred to principal under this section need not be separately held.

Kansas § 58-9a-503 (Transfer from income to principal for depreciation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.