Virginia § 64.2-1069 Income taxes

Virginia Statutes

§ 64.2-1069 — Income taxes

Virginia § 64.2-1069

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 7Allocation of Disbursements

This text of Virginia § 64.2-1069 (Income taxes) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-1069 (2026).

Text

A.A tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.

B.A tax required to be paid by a fiduciary that is 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.Subject to subsection D and §§ 64.2-1067, 64.2-1068, and 64.2-1070, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must be paid from:

1.Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and

2.Principal, to the extent the tax exceeds the receipts from the entity in the period.

D.After applying subsections A, B, and C, a fiduciary shall adjust income

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A. A tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.

B. A tax required to be paid by a fiduciary that is 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. Subject to subsection D and §§ 64.2-1067, 64.2-1068, and 64.2-1070, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must be paid from:

1. Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and

2. Principal, to the extent the tax exceeds the receipts from the entity in the period.

D. After applying subsections A, B, and C, a fiduciary shall adjust income or principal receipts, to the extent the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.