§ 3360. Liquidating asset (a) As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to section 3359 of this title, resources subject to section 3361 of this title, timber subject to section 3362 of this title, an activity subject to section 3364 of this title, an asset subject to section 3365 of this title, or any asset for which the trustee establishes a reserve for depreciation under section 3373 of this title. (b) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.
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