Iowa Code § 637.402
Distribution from trust or estate
Iowa · Iowa Code Chapter 637 — Uniform Principal and Income Act · Status: effective
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- Citation
- Iowa Code § 637.402, Distribution from trust or estate, Iowa, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2279449
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Full text
1. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income.
2. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal.
3. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 637.401 applies to a receipt from the trust.