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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 620. Business and Other Activities Conducted By Trustee.
previous: Section 610
. Distribution From Trust or Estate.
next: Section 630
. Principal Receipts.
AS 13.38.620. Business and Other Activities Conducted By Trustee.
- (a) If a trustee that conducts a business or other activity determines that it is in the best interest of all the
beneficiaries to account separately for the business or other activity instead of accounting for it as part of the
trust's general accounting records, the trustee may maintain separate accounting records for the transactions of the
business or other activity, whether or not the assets of the business or other activity are segregated from other trust
- (b) A trustee who accounts separately for a business or other activity may determine the extent to which
- (1) its net cash receipts are retained for working capital, the acquisition or replacement of fixed assets, and other
reasonably foreseeable needs of the business or activity; and
- (2) the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records.
- (c) If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or
activity, the trustee shall account for the net amount received as principal in the trust's general accounting records
to the extent the trustee determines that the amount received is not required any longer in the conduct of the
- (d) Activities for which a trustee may maintain separate accounting records include
- (1) retail, manufacturing, service, and other traditional business activities;
- (2) farming;
- (3) raising and selling livestock and other animals;
- (4) management of rental properties;
- (5) extraction of minerals and other natural resources;
- (6) timber operations; and
- (7) activities to which AS 13.38.740
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