{"data":{"id":"us-ut/utah-code-75a-5-503","jurisdiction":"us-ut","citation":"Utah Code § 75A-5-503","heading":"Transfer from income to principal for depreciation.","body":"(1) As used in this section, \"depreciation\" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.\n(2) A fiduciary 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(a) of the part of real property used or available for use by a beneficiary as a residence;\n(b) of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or\n(c) under this section, to the extent the fiduciary accounts:\n(i) under Section 75A-5-410 for the asset; or\n(ii) under Section 75A-5-403 for the business or other activity in which the asset is used.\n(3) An amount transferred to principal under this section need not be separately held.","path":["Title 75A Fiduciaries","Chapter 75A-5 Uniform Fiduciary Income and Principal Act","Part 75A-5-5 Allocation of Disbursements"],"source_url":"https://le.utah.gov/xcode/Title75A/Chapter5/75A-5-S503.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:34Z","sha256":"ca85bda1c27a8c0fe5048cfeb512fbcdb9790e29c67f03b8b51ee7a98553227b","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-75a-5-502","next":"us-ut/utah-code-75a-5-504"},"notice":"GroundRules: Original legal text. Not legal advice."}