Colorado § 15-1.2-506 - Income taxes.
Full text of Colorado Colorado Revised Statutes § 15-1.2-506 — Income taxes., with citation guidance and answers to common questions.
§ 15-1.2-506. Income taxes.
(1) A tax required to be paid by a fiduciary which is based on receipts allocated to income must be paid from income.
(2) A tax required to be paid by a fiduciary which is based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.
(3) Subject to subsection (4) of this section and sections 15-1.2-504, 15-1.2-505, and 15-1.2-507, a tax required to be paid by a fiduciary on a share of an entity's taxable income in an accounting period must 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 the tax exceeds the receipts from the entity in the period.
(4) After applying subsections (1) through (3) of this section, a fiduciary shall adjust income or principal receipts, to the extent the taxes the fiduciary pays are reduced because of a deduction for a payment made to a beneficiary.
Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 834, § 1, effective January 1, 2022.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 15-1.2-506
What does Colorado Revised Statutes § 15-1.2-506 cover?
Section 15-1.2-506 ("Income taxes.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 15-1.2-506?
A common citation format is "Colorado Revised Statutes § 15-1.2-506" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 15-1.2-506 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.