Illinois Code § 760 ILCS 3/1107

Allocations.
Open in Lexace · Ask the AI about this section
(a) Expenses, taxes, and other charges that would be deducted from income if the trust were not a total return trust shall not be deducted from the distribution amount.

 
(b) Unless otherwise provided by the trust instrument, the trustee shall fund the distribution amount each year from the following sources for that year in the order listed:

 
 
(1) first from net income (as the term would be 
 
determined if the trust were not a total return trust); 
 
 
(2) then from other ordinary income as determined 
 
for federal income tax purposes; 
 
 
(3) then from net realized short-term capital gains 
 
as determined for federal income tax purposes; 
 
 
(4) then from net realized long-term capital gains 
 
as determined for federal income tax purposes; 
 
 
(5) then from trust principal comprised of assets 
 
for which there is a readily available market value; and 
 
 
(6) then from other trust principal.

determined if the trust were not a total return trust);
for federal income tax purposes;
as determined for federal income tax purposes;
as determined for federal income tax purposes;
for which there is a readily available market value; and

‹ Prev All Illinois sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.