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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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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-104
Section 19-3A-104 Trustee's power to adjust. (a) If the terms of the trust expressly provide
by specific reference to this section, then a trustee may have the power to adjust between
principal and income to the extent the trustee considers necessary if (1) the trustee invests
and manages trust assets as a prudent investor; (2) the terms of the trust describe the amount
that may or must be distributed to a beneficiary by referring to the trust's income, and (3)
the trustee determines, after applying the rules in Section 19-3A-103(a), that the trustee
is unable to comply with Section 19-3A-103(b). (b) In deciding whether and to what extent
to exercise the power conferred by subsection (a), a trustee shall consider all factors relevant
to the trust and its beneficiaries, including, but not limited to: (1) The nature, purpose,
and expected duration of the trust; (2) The intent of the settlor; (3) The identity and circumstances
of the beneficiaries; (4) The needs for liquidity for the...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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19-3A-405
Section 19-3A-405 Rental property. To the extent the fiduciary does not account for receipts
from rental property pursuant to Section 19-3A-403, the fiduciary shall allocate to income
an amount received as rent of real or personal property, including an amount received for
cancellation or renewal of a lease. An amount received as a refundable deposit, including
a security deposit or a deposit that is to be applied as rent for future periods, shall be
added to principal and held subject to the terms of the lease and is not available for distribution
to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect
to that amount. (Act 2000-675, p. 1343, ยง1.)...
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19-3A-502
Section 19-3A-502 Disbursements from principal. (a) A trustee shall make the following disbursements
from principal: (1) An amount, not to exceed fifty percent (50%), of the disbursements described
in Section 19-3A-501(a) and Section 19-3A-501(b); (2) All of the trustee's compensation calculated
on principal as a fee for acceptance, distribution, or termination, and disbursements made
to prepare property for sale; (3) Payments on the principal of a trust debt; (4) Expenses
of a proceeding that concerns primarily principal, including a proceeding to construe the
trust or to protect the trust or its property; (5) Premiums paid on a policy of insurance
not described in Section 19-3A-501(d), of which the trust is the owner and beneficiary; and
(6) Estate, inheritance, and other transfer taxes, including penalties thereon, apportioned
to the trust which carries the name of the estate. (b) If a principal asset is encumbered
with an obligation that requires income from that asset to be paid...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time
to sell and issue its bonds for the purpose of financing project costs pertaining to one or
more projects or for the purpose of providing funds to pay training facility management fees,
or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty agreements
wherein the authority guarantees payment, in whole or in part, of debt service referable to
obligations issued by development agencies for the purpose of financing project costs pertaining
to one or more projects; provided, however, that the principal amount of authority obligations
shall not exceed three hundred million dollars ($300,000,000). For...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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19-3A-506
Section 19-3A-506 Adjustments between principal and income because of taxes. (a) A fiduciary
may make adjustments between principal and income to offset the shifting of economic interests
or tax benefits between income beneficiaries and remainder beneficiaries which arise from
any of the following: (1) Elections and decisions, other than those described in subsection
(b), that the fiduciary makes from time to time regarding tax matters; (2) An income tax or
any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction
involving a decedent's estate, a trust, or a distribution from a decedent's estate or a trust;
or (3) The ownership by a decedent's estate or trust of an interest in an entity whose taxable
income, whether or not distributed, is includable in the taxable income of the decedent's
estate, trust, or a beneficiary. (b) If the amount of an estate tax marital deduction or charitable
contribution deduction is reduced because a fiduciary deducts...
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