Virginia § 64.2-1075 - Apportionment when income interest ends
Full text of Virginia Code of Virginia § 64.2-1075 — Apportionment when income interest ends, with citation guidance and answers to common questions.
§ 64.2-1075. Apportionment when income interest ends
A. As used in this section, "undistributed income" means net income received on or before the date on which an income interest ends. "Undistributed income" does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.
B. Except as otherwise provided in subsection C, when a mandatory income interest of a beneficiary ends, the fiduciary shall pay the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust to the beneficiary or, if the beneficiary does not survive the date the interest ends, to the beneficiary's estate.
C. If a beneficiary has an unqualified power to withdraw more than five percent of the value of a trust immediately before an income interest ends:
1. The fiduciary shall allocate to principal the undistributed income from the portion of the trust which may be withdrawn; and
2. Subsection B applies only to the balance of the undistributed income.
D. When a fiduciary's obligation to pay a fixed annuity or a fixed fraction of the value of assets ends, the fiduciary shall prorate the final payment as required to preserve an income tax, gift tax, estate tax, or other tax benefit.
2022, c. 354.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 64.2-1075
What does Code of Virginia § 64.2-1075 cover?
Section 64.2-1075 ("Apportionment when income interest ends") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 64.2-1075?
A common citation format is "Code of Virginia § 64.2-1075" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 64.2-1075 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.