Subdivision 1. Scope.
The definitions in this section apply to sections
Subd. 1a. Accounting period.
"Accounting period" means a calendar year unless another
12-month period is selected by the trustee. Accounting period includes a portion of a calendar
year or other 12-month period that begins when an income interest begins or ends when an
income interest ends.
Subd. 2. Income beneficiary.
"Income beneficiary" means the person to whom income is
presently payable or for whom it is accumulated for distribution as income.
Subd. 3. Inventory value.
"Inventory value" means the cost of property purchased by the
trustee and the market value of other property at the time it became subject to the trust, but in the
case of a testamentary trust the trustee may use any value finally determined for the purposes of
an estate or inheritance tax.
Subd. 4. Remainderperson.
"Remainderperson" means the person entitled to principal,
including income accumulated and added to principal.
Subd. 5. Trustee.
"Trustee" means an original trustee and any successor or added trustee.
History: 1989 c 340 art 1 s 48; 2001 c 15 s 2