Allocate (income of a trust)
Allocate (income of a trust)
To transfer:
- a portion of the trust's income to a beneficiary, because either:
- the beneficiary is entitled to it, regardless of whether the income is actually paid to the beneficiary, or
- the income was allocated under the income attribution rule;
- a portion of the trust's accumulating income to a preferred beneficiary, pursuant to an election made jointly by the beneficiary and the trust.
Sections 462.9, 467 and 663