Senate Status:
2021 Statute
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58-9a-503. (a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a tangible asset having a useful life of more than one year. (b) A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) Of the part of real property used or available for use by a beneficiary as a residence; (2) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or (3) under this section, to the extent the fiduciary accounts: (A) Under K.S.A. 2021 Supp. 58-9a-410, and amendments thereto, for the asset; or (B) under K.S.A. 2021 Supp. 58-9a-403, and amendments thereto, for the business or other activity in which the asset is used. (c) An amount transferred to principal under this section need not be separately held. |
History: L. 2021, ch. 63, § 35; July 1. |
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