{"data":{"id":"us-ms/miss.-code-ann.-91-17-503","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 91-17-503","heading":"Transfers from income to principal for depreciation.","body":"(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.\n(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:\n(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;\n(2) During the administration of a decedent’s estate; or\n(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.\n(c) An amount transferred to principal need not be held as a separate fund.","path":["Title 91. Trusts and Estates","Chapter 17. Mississippi Principal and Income Act of 2013","Article 5. Allocation of Disbursements During Administration of Trust."],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.91.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:53Z","sha256":"14caeb73db6d28eaab4bf8935ec4449d0f43d9f97b39596e6203d78441800f4c","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-91-17-502","next":"us-ms/miss.-code-ann.-91-17-504","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"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.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"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.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}