{"data":{"id":"us-ky/krs-386.474","jurisdiction":"us-ky","citation":"KRS 386.474","heading":"Receipts from obligation to pay money -- Exceptions.","body":"(1) An amount received as interest, whether determined at a fixed, variable, or floating\nrate, on an obligation to pay money to the trustee, including an amount received as\nconsideration for prepaying principal, shall be allocated to income without any\nprovision for amortization of premium.\n(2) A trustee shall allocate to principal an amount received from the sale, redemption,\nor other disposition of an obligation to pay money to the trustee more than one (1)\nyear after it is purchased or acquired by the truste e, including an obligation whose\npurchase price or value when it is acquired is less than its value at maturity. If the\nobligation matures within one (1) year after it is purchased or acquired by the\ntrustee, an amount received in excess of its purchase pr ice or its value when\nacquired by the trust shall be allocated to income.\n(3) This section shall not apply to an obligation to which KRS 386.472, 386.480,\n386.482, 386.484, or 386.486 applies.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35929","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:16Z","sha256":"4cfa92e75e252373600d5febd2266380759afb4f8619045eca1b3e84c52f4a4b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.472","next":"us-ky/krs-386.476"},"notice":"GroundRules: Original legal text. Not legal advice."}