One Click Case Law for § 53-12-452
O.C.G.A. § 53-12-451 <-- --> O.C.G.A. §53-12-453

2010 Georgia Code

TITLE 53 - WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES

CHAPTER 12 - TRUSTS
ARTICLE 18 - ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST
§ 53-12-452 - Transfers from income to principal for depreciation

O.C.G.A. 53-12-452 (2010)
53-12-452. Transfers from income to principal for depreciation


(a) As used in this Code section, the term "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.

(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation but shall not transfer any amount for depreciation:

(1) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

(2) During the administration of a decedent's estate; or

(3) Under this Code section if the trustee is accounting under Section 403 of the federal Internal Revenue Code of 1986 for the business or activity in which the asset is used.

(c) An amount transferred to principal need not be held as a separate fund.