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