Section 35-3-10-01-112 - Income to Fiduciary Generally, the gross income of an estate or trust is determined in the same manner as that of an individual. Gross income of an estate or trust includes all items of gross income received during the taxable year, including:
1. Income accumulated in trust for the benefit of unborn or unascertained person or persons with contingent interest, and income accumulated or held for future distribution under the terms of the will or trust. This income is taxed to the fiduciary.2. Income which is distributed currently by the fiduciary to the beneficiaries, and income collected by the guardian of an infant which is to be distributed as the court may direct. This income is usually deductible by the fiduciary and is taxed to the beneficiary. (See deductions for fiduciaries.)3. Income received by the estate of a deceased person during the period of administration or settlement of the estate. This income may be taxed to the fiduciary or to the beneficiary, depending upon the amounts which are properly paid or credited to the beneficiary. (See deductions for fiduciaries.)4. Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated. This income may be taxed to the fiduciary or to the beneficiary, depending upon the amounts which are properly paid or credited to the beneficiary. (See deductions for fiduciaries.)35 Miss. Code. R. 3-10-01-112