Assembly Bill A7521

2019-2020 Legislative Session

Relates to trust accounting income and principal

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A7521 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
Estates, Powers and Trusts Law
Laws Affected:
Amd §11-A-4.4, EPT L
Versions Introduced in 2021-2022 Legislative Session:
A7803

2019-A7521 (ACTIVE) - Summary

Relates to trust accounting income and principal in regard to allocating income gains from the sale or exchange of a capital asset.

2019-A7521 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7521
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2019
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, DINOWITZ -- (at request of the Office
   of Court Administration) -- read once and referred to the Committee on
   Judiciary
 
 AN ACT to amend the estates, powers and trusts law, in relation to trust
   accounting income and principal
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Paragraph 2 of section 11-A-4.4 of the estates, powers and
 trusts  law,  as added by chapter 243 of the laws of 2001, is amended to
 read as follows:
   (2) money or other property received from the sale,  exchange,  liqui-
 dation,  or  change  in  form  of  a principal asset, including realized
 profit, subject to this part; PROVIDED, HOWEVER, THAT A TRUSTEE MAY,  IN
 A  REASONABLE  AND  IMPARTIAL EXERCISE OF DISCRETION, ALLOCATE TO INCOME
 GAINS FROM THE SALE OR EXCHANGE  OF  A  CAPITAL  ASSET  (AS  DEFINED  IN
 SECTION  1221  OF  THE INTERNAL REVENUE CODE OF 1986, AS AMENDED) TO THE
 EXTENT THAT PRINCIPAL IS RE-CHARACTERIZED AS INCOME BY THE  EXERCISE  OF
 THE  POWER  TO  ADJUST  UNDER  SUBPARAGRAPH  11-2.3(B)(5),  AND PROVIDED
 FURTHER, HOWEVER, THAT A TRUSTEE  WHO  HAS  AN  UNLIMITED  DISCRETIONARY
 POWER  TO  DISTRIBUTE PRINCIPAL MAY, IN A REASONABLE AND IMPARTIAL EXER-
 CISE OF DISCRETION, ALLOCATE TO INCOME ANY OR ALL GAINS FROM THE SALE OR
 EXCHANGE OF A CAPITAL ASSET (AS DEFINED IN SECTION 1221 OF THE  INTERNAL
 REVENUE CODE OF 1986, AS AMENDED);
   §  2.  This  act  shall take effect immediately and shall apply to all
 trusts, whenever established.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10075-01-9

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