Sections
16 entriesSection 731Establishes the short title for this chapter, allowing it to be cited as the Legal Estates Principal and Income Law. Carries no…Section 731.01Preserves the Personal Income Tax Law and the Bank and Corporation Tax Law from any effect of this chapter, so the principal…Section 731.02Applies the Legal Estates Principal and Income Law to every principal set aside without a trust on or after September 13, 1941,…Section 731.03Defines principal, income, tenant, and remainderman for the Legal Estates Principal and Income Law. Principal is property set aside so it eventually…Section 731.04Governs how income and principal are told apart and how receipts and expenses are split between tenants and remaindermen where a principal…Section 731.05Defines as income all receipts of rent, hire, interest, and other returns for the use of principal, including corporate dividends except as…Section 731.06Allows a tenant whose right to income ends by death or otherwise, or that tenant's personal representative, to keep all payments actually…Section 731.07Defines as principal stock dividends paid in shares of the declaring corporation of the same kind and rank, and subscription rights in…Section 731.08Values bonds and other money obligations held as principal at inventory, market or cost value rather than par or maturity value, and…Section 731.09Treats the net profits of a business the tenant is authorized to keep running with principal property as income, computed by the…Section 731.10Applies the business profits rule to animals employed in a business, and where animals are held as principal partly or wholly for…Section 731.11Defines net proceeds from timber, minerals, oil, gas, or other natural resources on principal lands as income where the tenant has no…Section 731.12Treats rents, royalties and income from depleting property such as leaseholds, patents, copyrights and royalty rights as income for the tenant in…Section 731.13Allows a tenant to share as delayed income in the net proceeds of principal property that produced under 1 percent average net…Section 731.14Requires property a tenant acquires by enforcing a mortgage or similar security, or by agreement in lieu, to be treated as a…Section 731.15Charges ordinary expenses such as recurring taxes, water rates, insurance premiums, mortgage interest, ordinary repairs, assistants' pay and court costs on regular…