South Carolina § 62-7-929 Payment of taxes from income and principal.

South Carolina Statutes

§ 62-7-929 — Payment of taxes from income and principal.

South Carolina § 62-7-929

Title 62SOUTH CAROLINA PROBATE CODE

Ch.ARTICLE 7 - SOUTH CAROLINA TRUST CODE

This text of South Carolina § 62-7-929 (Payment of taxes from income and principal.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 62-7-929 (2026).

Text

(A)A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.

(B)A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.

(C)A tax required to be paid by a trustee on the trust's share of the taxable income of the entity must be paid:

(1)from income, to the extent that receipts from the entity are allocated to income;

(2)from principal, to the extent that receipts from the entity are allocated only to principal;

(3)proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (4) from principal to the extent that the tax exceeds the total receipts from th

Free access — add to your briefcase to read the full text and ask questions with AI

(A) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (B) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. (C) A tax required to be paid by a trustee on the trust's share of the taxable income of the entity must be paid: (1) from income, to the extent that receipts from the entity are allocated to income; (2) from principal, to the extent that receipts from the entity are allocated only to principal; (3) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (4) from principal to the extent that the tax exceeds the total receipts from the entity. (D) After applying subsections (A) through (C), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.

Legislative History

HISTORY: 2005 Act No. 66, SECTION 1; 2012 Act No. 204, SECTION 2, eff June 7, 2012; 2013 Act No. 100, SECTION 2, eff January 1, 2014. Effect of Amendment The 2012 amendment rewrote subsections (C) and (D).