Nevada § 164.815 - Allocation of certain income receipts and disbursements; due dates for certain payments and distributions

§ 164.815. Allocation of certain income receipts and disbursements; due dates for certain payments and distributions

1. A trustee shall allocate an income receipt or disbursement other than one to which

subsection 1 of NRS 164.800 applies to principal if its due date occurs before a decedent dies in the case of

an estate or before an income interest begins in the case of a trust or successive

income interest. 2. A trustee shall allocate an income receipt or disbursement to income if its due

date occurs on or after the date on which a decedent dies or an income interest begins

and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if

its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent

dies or an income interest begins must be allocated to principal and the balance must

be allocated to income. 3. An item of income or an obligation is due on the date the payor is required to

make a payment. If a date for payment is not stated, there is no due date for the purposes of NRS 164.780 to 164.925 , inclusive. Distributions to shareholders or other owners from an entity to which NRS 164.825 applies are deemed to be due on the date fixed by the entity for determining who

is entitled to receive the distribution or, if no date is fixed, on the date of declaration

of the distribution. A due date is periodic for receipts or disbursements that must be paid at regular

intervals under a lease or an obligation to pay interest or if an entity customarily

makes distributions at regular intervals.