California Probate Code

§ 16366

PROB § 16366 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 5

Statute text

(a)A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries that arises from any of the following:

(1)An election or decision the fiduciary makes regarding a tax matter, other than a decision to claim an income tax deduction to which subdivision (b) applies.

(2)An income tax or other tax imposed on the fiduciary or a beneficiary as a result of a transaction involving the fiduciary or a distribution by the fiduciary.

…

Legislative history

Repealed and added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.