Section 22-3-506 - [Renumbered Effective 9/1/2024] Income taxes(1) A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income.(2) A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.(3) Subject to Subsection (4) and Sections 22-3-504, 22-3-505, and 22-3-507, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period shall be paid from: (a) income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and(b) principal, to the extent that the tax exceeds the receipts from the entity in the accounting period.(4) After applying Subsections (1) through (3), a fiduciary shall adjust income or principal receipts, to the extent that the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.Renumbered as § 75A-5-506 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 167, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 26, eff. 7/1/2020.Repealed and reenacted by Chapter 495, 2019 General Session ,§ 38, eff. 7/1/2020.Amended by Chapter 297, 2011 General Session