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Official Code of Georgia Annotated

Title 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 12. TRUSTS · Article 17. GEORGIA PRINCIPAL AND INCOME ACT · Part 5. ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST

53-12-454. Income taxes.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.#

  2. (b)

    A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.#

  3. (c)

    A tax required to be paid by a trustee on the trust’s share of an entity’s taxable income shall be paid:#

    1. (1)

      From income to the extent that receipts from the entity are allocated only to income;#

    2. (2)

      From principal to the extent that receipts from the entity are allocated only to principal;#

    3. (3)

      Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and#

    4. (4)

      From principal to the extent that the tax exceeds the total receipts from the entity.#

  4. (d)

    After applying subsections (a) through (c) of this Code section, the trustee shall adjust income or principal receipts to the extent that its taxes are reduced because it receives a deduction for payments made to a beneficiary.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 53-12-454, enacted by Ga. L. 2010, p. 579, § 1/SB 131.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t52-t53-(v40)-2021-pdf.pdf, Volume V40, 2021 edition, page 957; merge action: carried; file SHA-256 062775612dfc.