GroundRules
Miss. Code Ann. § 91-17-503: Transfers from income to principal for depreciation.
Where this section sits in the code
- Title 91. Trusts and Estates
- Chapter 17. Mississippi Principal and Income Act of 2013
- Article 5. Allocation of Disbursements During Administration of Trust.
(a) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year.
(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(1) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(2) During the administration of a decedent’s estate; or
(3) Under this section if the trustee is accounting under Section 91-17-403 for the business or activity in which the asset is used.
(c) An amount transferred to principal need not be held as a separate fund.
Collected 2026-10-27T05:54:53Z. Source file · JSON
Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License
Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows. Source