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19-3A-504
Section 19-3A-504 Transfers from income to reimburse principal. (a) If a fiduciary makes or
expects to make a principal disbursement described in this section, then the fiduciary may
transfer an appropriate amount from income to principal in one or more accounting periods
to reimburse principal or to provide a reserve for future principal disbursements. (b) Principal
disbursements to which subsection (a) applies include the following, but only to the extent
that the fiduciary has not been and does not expect to be reimbursed by a third party: (1)
An amount chargeable to income but paid from principal because it is unusually large, including
extraordinary repairs; (2) A capital improvement to a principal asset, whether in the form
of changes to an existing asset or the construction of a new asset, including special assessments;
(3) Disbursements made to prepare property for rental, including tenant allowances, leasehold
improvements, and broker's commissions; and (4) Periodic payments...
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19-3A-407
Section 19-3A-407 Insurance policies and similar contracts. (a) Except as otherwise provided
in subsection (b), a fiduciary shall allocate to principal the proceeds of a life insurance
policy or other contract in which the trust or its fiduciary is named as beneficiary, including
a contract that insures the trust or its fiduciary against loss for damage to, destruction
of, or loss of title to a trust asset. The fiduciary shall allocate dividends on an insurance
policy to income if the premiums on the policy are paid from income, and to principal if the
premiums are paid from principal. (b) A fiduciary shall allocate to income proceeds of a contract
that insures the fiduciary against loss of occupancy or other use by an income beneficiary,
loss of income, or, subject to Section 19-3A-403, loss of profits from a business. (c) This
section does not apply to a contract to which Section 19-3A-409 applies. (Act 2000-675, p.
1343, ยง1.)...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts
allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary
based on receipts allocated to principal shall be paid from principal, even if the tax is
called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary
on the trust's share of an entity's taxable income shall be paid as follows: (1) From income
to the extent that receipts from the entity are allocated only to income; (2) From principal
to the extent that receipts from the entity are allocated only to principal; (3) Proportionately
from principal and income to the extent that receipts from the entity are allocated to both
income and principal; and (4) From principal to the extent that the tax exceeds the total
receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall
adjust income or principal receipts to the extent that the trust's taxes...
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19-5-5
Section 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes
into separate share trusts to effectuate allocation of grantor's, decedent's, or surviving
spouse's GST exemption. When a grantor or decedent transfers property into a trust which has,
or which pours into another trust which has, more than one beneficiary or class of beneficiaries
for GST purposes, and when the grantor or fiduciary allocates the grantor's or decedent's
GST exemption for the benefit of one or more, but less than all, beneficiaries or classes
of beneficiaries of such trust, or when the surviving spouse of the grantor or decedent, or
such surviving spouse's fiduciary, allocates the surviving spouse's GST exemption for the
benefit of one or more, but less than all, beneficiaries or classes of beneficiaries of such
trust, and when the instrument creating the trust does not specifically prohibit a fiduciary
from dividing such trust into separate share trusts, a fiduciary shall...
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19-1A-15
Section 19-1A-15 (Effective January 1, 2018) Fiduciary duty and authority. (a) The legal duties
imposed on a fiduciary charged with managing tangible property apply to the management of
digital assets, including: (1) the duty of care; (2) the duty of loyalty; and (3) the duty
of confidentiality. (b) A fiduciary's or a designated recipient's authority with respect to
a digital asset of a user: (1) except as otherwise provided in Section 19-1A-4, is subject
to the applicable terms of service; (2) is subject to other applicable law, including copyright
law; (3) in the case of a fiduciary, is limited by the scope of the fiduciary's duties; and
(4) may not be used to impersonate the user. (c) A fiduciary with authority over the property
of a decedent, protected person, principal, or settlor has the right to access any digital
asset in which the decedent, protected person, principal, or settlor had a right or interest
and that is not held by a custodian or subject to a terms-of-service...
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19-3A-301
Section 19-3A-301 When right to income begins and ends. (a) An income beneficiary is entitled
to net income from the date on which the income interest begins. An income interest begins
on the date specified in the terms of the trust or, if no date is specified, then on the date
an asset becomes subject to a trust or a successive income interest. (b) An asset becomes
subject to a trust at the following times: (1) In the case of an asset that is transferred
to a trust during the transferor's life, on the date such asset is transferred to the trust;
(2) In the case of an asset that becomes subject to a trust by reason of a will, on the date
of a testator's death, even if there is an intervening period of administration of the testator's
estate; or (3) In the case of an asset that is transferred to a fiduciary by a third party
because of the individual's death, on the date of an individual's death. (c) An asset becomes
subject to a successive income interest on the day after the preceding...
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19-3A-503
Section 19-3A-503 Transfers from income to principal for depreciation. (a) In this section,
"depreciation" means a reduction in value due to wear, tear, decay, corrosion, or
gradual obsolescence of a fixed asset having a useful life of more than one year. (b) A fiduciary
may transfer from income 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
in any of the following circumstances: (1) As to the portion of a. real property used or available
for use by a beneficiary as a residence or b. tangible personal property held or made available
for the personal use or enjoyment of a beneficiary; (2) During the administration of a decedent's
estate; or (3) If the fiduciary is accounting separately for the business or activity in which
the asset is used, pursuant to Section 19-3A-403. (c) An amount transferred from income to
principal need not be held as a separate fund. (Act 2000-675,...
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40-18-14.2
Section 40-18-14.2 Adjusted gross income. (a) The term "adjusted gross income," as
used in this section, shall mean the gross income as defined by Section 40-18-14, minus the
following deductions: (1) The deductions allowed by this chapter, other than the net operating
loss deduction allowed under Section 40-18-15.2, which are attributable to a trade or business
carried on by the taxpayer if the trade or business does not consist of the performance of
services by the taxpayer as an employee; (2) The deduction allowed by this chapter for travel
expenses of Alabama state legislators while away from home to the extent reimbursed by the
State of Alabama; (3) The deductions allowed by this chapter which consist of expenses paid
or incurred by the taxpayer in connection with the performance by him or her of services as
an employee, to the extent reimbursed by his or her employer; (4) The deductions allowed by
this chapter attributable to property held for the production of rents or...
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19-3A-414
Section 19-3A-414 Derivative instruments and options. (a) In this section, "derivative
instrument" means a contract, a financial instrument, or a combination of contracts and
financial instruments which gives a trust the right or obligation to participate in some or
all changes in the price of a tangible or intangible asset or group of assets, or changes
in a rate, an index of prices or rates, or other market indicator for an asset or a group
of assets. (b) To the extent that a fiduciary does not account under Section 19-3A-403 for
transactions in derivative instruments, the fiduciary shall allocate to principal receipts
from and disbursements made in connection with those transactions. (c) If a fiduciary grants
an option to buy property from the trust, whether or not the trust owns the property when
the option is granted, grants an option that permits another person to sell property to the
trust, or acquires an option to buy property for the trust or an option to sell an asset owned...
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38-9B-6
Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No life beneficiary
shall have any vested or property rights or interests in the AFT Trust, nor shall any life
beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber
any interest in the income or principal of the AFT Trust nor shall the income or principal
be or any interest of any life beneficiary thereunder be liable for any debt incurred by the
life beneficiary, nor shall the principal or income of the AFT Trust Fund be subject to seizure
by any creditor of any life beneficiary under any writ or proceeding in law or in equity.
(b) Except for the right of a contributor who is not and whose spouse is not a life beneficiary
to revoke any contribution made to the AFT Trust, pursuant to subdivision (5) of subsection
(c) of Section 38-9B-5, neither the settlor, contributor, nor any acting co-trustee has the
right to sell, assign, convey, alienate, or otherwise encumber, for...
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