N.Y. Comp. Codes R. & Regs. tit. 3 § 22.7
Current through Register Vol. 46, No. 51, December 18, 2024
The income of a common trust fund shall be computed on the accrual basis and the apportionment of income shall be determined at each valuation date. The income shall be distributed to participating estates, trusts or funds not less frequently than quarter-annually, either on the basis of income accrued or on the basis of income actually received. To facilitate the distribution of accrued but uncollected income, the cash principal of the common trust fund may be used, to the extent necessary to purchase income accrued.
N.Y. Comp. Codes R. & Regs. Tit. 3 § 22.7