Part 4.--ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)
58-9-409.Deferred compensation, annuities andsimilar payments.(a) As used in this section, "payment" means a paymentthat a trustee may receiveover a fixed number of years or during the life of one or more individualsbecauseof services rendered or property transferred to the payer in exchange forfuturepayments. The term includes a payment made in money or property from thepayer's general assets or from a separate fund created by the payer,including aprivate or commercial annuity, an individual retirement account, and a pension,profit-sharing, stock-bonus, or stock-ownership plan.
(b) To the extent that a payment is characterized as interest or a dividendor a payment made in lieu of interest or a dividend, a trustee shall allocateitto income. The trustee shall allocate to principal the balance of the paymentand anyother payment received in the same accounting period that is not characterizedas interest, a dividend, or an equivalent payment.
(c) If no part of a payment is characterized as interest, a dividend, oranequivalent payment, and all or part of the payment is required to be made, atrusteeshall allocate to income 10 percent of the part that is required to be madeduring theaccounting period and the balance to principal. If no part of a payment isrequiredto be made or the payment received is the entire amount to which the trustee isentitled, the trustee shall allocate the entire payment to principal. Forpurposes ofthis subsection, a payment is not "required to be made" to the extent that itis madebecause the trustee exercises a right of withdrawal.
(d) If, to obtain an estate tax marital deduction for a trust, a trusteemustallocate more of a payment to income than provided for by this section, thetrusteeshall allocate to income the additional amount necessary to obtain the maritaldeduction.
(e) This section does not apply to payments to which K.S.A. 58-9-410 andamendments thereto applies.
Part 4.--ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)
58-9-409.Deferred compensation, annuities andsimilar payments.(a) As used in this section, "payment" means a paymentthat a trustee may receiveover a fixed number of years or during the life of one or more individualsbecauseof services rendered or property transferred to the payer in exchange forfuturepayments. The term includes a payment made in money or property from thepayer's general assets or from a separate fund created by the payer,including aprivate or commercial annuity, an individual retirement account, and a pension,profit-sharing, stock-bonus, or stock-ownership plan.
(b) To the extent that a payment is characterized as interest or a dividendor a payment made in lieu of interest or a dividend, a trustee shall allocateitto income. The trustee shall allocate to principal the balance of the paymentand anyother payment received in the same accounting period that is not characterizedas interest, a dividend, or an equivalent payment.
(c) If no part of a payment is characterized as interest, a dividend, oranequivalent payment, and all or part of the payment is required to be made, atrusteeshall allocate to income 10 percent of the part that is required to be madeduring theaccounting period and the balance to principal. If no part of a payment isrequiredto be made or the payment received is the entire amount to which the trustee isentitled, the trustee shall allocate the entire payment to principal. Forpurposes ofthis subsection, a payment is not "required to be made" to the extent that itis madebecause the trustee exercises a right of withdrawal.
(d) If, to obtain an estate tax marital deduction for a trust, a trusteemustallocate more of a payment to income than provided for by this section, thetrusteeshall allocate to income the additional amount necessary to obtain the maritaldeduction.
(e) This section does not apply to payments to which K.S.A. 58-9-410 andamendments thereto applies.
Part 4.--ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)
58-9-409.Deferred compensation, annuities andsimilar payments.(a) As used in this section, "payment" means a paymentthat a trustee may receiveover a fixed number of years or during the life of one or more individualsbecauseof services rendered or property transferred to the payer in exchange forfuturepayments. The term includes a payment made in money or property from thepayer's general assets or from a separate fund created by the payer,including aprivate or commercial annuity, an individual retirement account, and a pension,profit-sharing, stock-bonus, or stock-ownership plan.
(b) To the extent that a payment is characterized as interest or a dividendor a payment made in lieu of interest or a dividend, a trustee shall allocateitto income. The trustee shall allocate to principal the balance of the paymentand anyother payment received in the same accounting period that is not characterizedas interest, a dividend, or an equivalent payment.
(c) If no part of a payment is characterized as interest, a dividend, oranequivalent payment, and all or part of the payment is required to be made, atrusteeshall allocate to income 10 percent of the part that is required to be madeduring theaccounting period and the balance to principal. If no part of a payment isrequiredto be made or the payment received is the entire amount to which the trustee isentitled, the trustee shall allocate the entire payment to principal. Forpurposes ofthis subsection, a payment is not "required to be made" to the extent that itis madebecause the trustee exercises a right of withdrawal.
(d) If, to obtain an estate tax marital deduction for a trust, a trusteemustallocate more of a payment to income than provided for by this section, thetrusteeshall allocate to income the additional amount necessary to obtain the maritaldeduction.
(e) This section does not apply to payments to which K.S.A. 58-9-410 andamendments thereto applies.
