Utah § 75A-5-503 Transfer from income to principal for depreciation.

Utah Statutes

§ 75A-5-503 — Transfer from income to principal for depreciation.

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

(1)As used 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.

(2)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:

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

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

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

(2)(c)(i) under Section 75A-5-410 for the asset; or

(2)(c)(ii) under Section 75A-5-403 for the business or other activity in which the a

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(1) As used 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.
(2) 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:
(2)(a) of the part of real property used or available for use by a beneficiary as a residence;
(2)(b) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or
(2)(c) under this section, to the extent the fiduciary accounts:
(2)(c)(i) under Section 75A-5-410 for the asset; or
(2)(c)(ii) under Section 75A-5-403 for the business or other activity in which the asset is used.
(3) An amount transferred to principal under this section need not be separately held.

Utah § 75A-5-503 (Transfer from income to principal for depreciation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.