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Alaska Statutes.

Title 13. Estates, Guardianships, Transfers, Trusts.

Chapter 38. Principal and Income of Trusts

Section 720. Timber.

AS 13.38.720. Timber.

(a) To the extent that a trustee accounts for receipts from the sale of timber and related products under this section, the trustee shall allocate the net receipts

(1) to income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;

(2) to principal, to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber, or the net receipts are from the sale of standing timber;

(3) between income and principal, by determining the amount of timber removed from the land under the lease or contract and applying the rules in (1) and (2) of this subsection if the net receipts are from the lease of timberland or a contract to cut timber from land owned by a trust;

(4) to principal to the extent that advance payments, bonuses, and other payments are not allocated under (1) - (3) of this subsection.

(b) In determining net receipts to be allocated under (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.

(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.

Note to HTML Version:

This version of the Alaska Statutes is current through December, 2004. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.

Last modified 9/3/2005