1999 Minnesota Statutes

     501B.66 Business and farming operations. 

    Subdivision 1.    Business income or losses.  If a 
 trustee uses part of the principal in the continuance of a 
 business of which the settlor was a sole proprietor or a 
 partner, the net profits of the business, computed in accordance 
 with generally accepted accounting principles for a comparable 
 business, are income.  If a loss results in any fiscal or 
 calendar year, the loss falls on principal and must not be 
 carried into any other fiscal or calendar year for purposes of 
 calculating new income. 

    Subd. 2.    Agricultural income.  Generally accepted 
 accounting principles must be used to determine income from an 
 agricultural or farming operation, including the raising of 
 animals or the operation of a nursery. 

    HIST: 1989 c 340 art 1 s 55