North Dakota § 59-16.3-07 Unitrust amount as net income

North Dakota Statutes

§ 59-16.3-07 — Unitrust amount as net income

North Dakota § 59-16.3-07

Title 59Trusts, Uses, and Powers

Ch. 59-16.3Total Return Unitrusts

This text of North Dakota § 59-16.3-07 (Unitrust amount as net income) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-16.3-07 (2026).

Text

Following the conversion of an income trust to a total return unitrust, the trustee:

1.Shall treat the unitrust amount as net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust;

2.May allocate to trust income for each taxable year of the trust:

a.Net short-term capital gain described in section 1222(5) of the Internal Revenue Code for that year, but only to the extent the amounts so allocated together with all other amounts allocate to trust income for that year does not exceed the unitrust amount for that year; and

b.Net long-term capital gain described in section 1222(7) of the Internal Revenue Code for that year, but only to the extent the amount so allocated together with all other amounts, including amounts des

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Following the conversion of an income trust to a total return unitrust, the trustee:
1. Shall treat the unitrust amount as net income of the trust for purposes of determining
the amount available, from time to time, for distributions from the trust;
2. May allocate to trust income for each taxable year of the trust:
a. Net short-term capital gain described in section 1222(5) of the Internal Revenue
Code for that year, but only to the extent the amounts so allocated together with
all other amounts allocate to trust income for that year does not exceed the
unitrust amount for that year; and
b. Net long-term capital gain described in section 1222(7) of the Internal Revenue
Code for that year, but only to the extent the amount so allocated together with all
other amounts, including amounts described in subdivision a, allocated to trust
income for that year does not exceed the unitrust amount for that year.