Utah § 75A-5-408 Receipts normally apportioned -- Insubstantial allocation not required.

Utah Statutes

§ 75A-5-408 — Receipts normally apportioned -- Insubstantial allocation not required.

Utah·Title 75A Fiduciaries·Ch. 75A-5 Uniform Fiduciary Income and Principal Act·Part 75A-5-4 Allocation of Receipts

(1)If a fiduciary determines that an allocation between income and principal required by Section 75A-5-409, 75A-5-410, 75A-5-411, 75A-5-412, or 75A-5-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless Subsection 75A-5-203(5) applies to the allocation.

(2)A fiduciary may presume an allocation is insubstantial under Subsection (1) if:

(2)(a) the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; and

(2)(b) the asset producing the receipt to be allocated has a fair market value less than 10% of the total fair market value of the assets owned or held by the fiduciary at the beginning of the accounting period.

(3)The power to make a determination under Subsection (

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(1) If a fiduciary determines that an allocation between income and principal required by Section 75A-5-409, 75A-5-410, 75A-5-411, 75A-5-412, or 75A-5-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless Subsection 75A-5-203(5) applies to the allocation.
(2) A fiduciary may presume an allocation is insubstantial under Subsection (1) if:
(2)(a) the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; and
(2)(b) the asset producing the receipt to be allocated has a fair market value less than 10% of the total fair market value of the assets owned or held by the fiduciary at the beginning of the accounting period.
(3) The power to make a determination under Subsection (1) may be:
(3)(a) exercised by a co-fiduciary in the manner described in Subsection 75A-5-203(6); or
(3)(b) released or delegated for a reason described in Subsection 75A-5-203(7) and in the manner described in Subsection 75A-5-203(8).

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