RS 9:2146

§2146. Apportionment of receipts when right to income arises A. In the administration of property transferred in trust: (1) Receipts due but not paid when the right of the first income beneficiary to receive income from the property arises shall be treated as accruing when due. (2) Receipts in the form of periodic payments, other than receipts on account of an interest in a juridical person or from a plan subject to R.S. 9:2151.2, not due when the right of the first income beneficiary to receive income from the property arises, shall be treated as accruing from day to day. (3) Receipts in the form of distributions on account of an interest in a juridical person that are allocated to income under R.S. 9:2149 shall be treated as accruing on the date fixed for the determination of those entitled to distribution, or, if no date is fixed, on the date of declaration of the distribution by the juridical person. (4) All other receipts shall be treated as accruing at the time of payment. B. Receipts treated as accruing after the right of the first income beneficiary to receive income from the property arises, are income if they otherwise are income under the provisions of this Subpart. Receipts treated as accruing at an earlier time are principal. Acts 2020, No. 17, §1, eff. Jan. 1, 2021.