{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1059.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1059.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1059.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1059.html"}],"law_id":59724,"edition_id":1,"section_id":59724,"structure_id":15635,"section_number":"64.2-1059","catch_line":"Timber","history":"2022, c. 354.","full_text":"A\n\nTo the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under \u00a7 64.2-1050, the fiduciary shall allocate the net receipts:1\n\nTo income, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber;2\n\nTo principal, to the extent the amount of timber cut from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;3\n\nBetween income and principal if the net receipts are from the lease of land used for growing and cutting timber or from a contract to cut timber from land, by determining the amount of timber cut from the land under the lease or contract and applying the rules in subdivisions 1 and 2; or4\n\nTo principal, to the extent advance payments, bonuses, and other payments are not allocated under subdivisions 1, 2, or 3.B\n\nIn determining net receipts to be allocated under subsection A, a fiduciary shall deduct and transfer to principal a reasonable amount for depletion.C\n\nThis section applies to land owned or held by a fiduciary whether or not a settlor was cutting timber from the land before the fiduciary owned or held the property.D\n\nIf a fiduciary owns or holds an interest in land used for growing and cutting timber before July 1, 2022, the fiduciary may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the fiduciary before July 1, 2022. If the fiduciary acquires an interest in land used for growing and cutting timber on or after July 1, 2022, the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.","order_by":null,"text":{"0":{"id":218703,"text":"To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under \u00a7 64.2-1050, the fiduciary shall allocate the net receipts:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":218704,"text":"To income, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":218705,"text":"To principal, to the extent the amount of timber cut from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":218706,"text":"Between income and principal if the net receipts are from the lease of land used for growing and cutting timber or from a contract to cut timber from land, by determining the amount of timber cut from the land under the lease or contract and applying the rules in subdivisions 1 and 2; or","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":218707,"text":"To principal, to the extent advance payments, bonuses, and other payments are not allocated under subdivisions 1, 2, or 3.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":218708,"text":"In determining net receipts to be allocated under subsection A, a fiduciary shall deduct and transfer to principal a reasonable amount for depletion.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":218709,"text":"This section applies to land owned or held by a fiduciary whether or not a settlor was cutting timber from the land before the fiduciary owned or held the property.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"7":{"id":218710,"text":"If a fiduciary owns or holds an interest in land used for growing and cutting timber before July 1, 2022, the fiduciary may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the fiduciary before July 1, 2022. If the fiduciary acquires an interest in land used for growing and cutting timber on or after July 1, 2022, the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15635,"edition_id":1,"name":"Allocation of Receipts: Receipts Normally Apportioned","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 03:57:10","date_modified":"2026-06-26 03:57:10","permalink":{"id":273977,"object_type":"structure","relational_id":15635,"identifier":"6","token":"64.2\/III\/10.1\/6","url":"\/64.2\/III\/10.1\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13478,"edition_id":1,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:44:58","date_modified":"2026-06-26 03:44:58","permalink":{"id":273863,"object_type":"structure","relational_id":13478,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81730,"structure_id":15635,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","url":"\/64.2-1055\/","token":"64.2\/III\/10.1\/6\/64.2-1055","metadata":false},{"id":81654,"structure_id":15635,"section_number":"64.2-1056","catch_line":"Deferred compensation, annuity, or similar payment","url":"\/64.2-1056\/","token":"64.2\/III\/10.1\/6\/64.2-1056","metadata":false},{"id":70724,"structure_id":15635,"section_number":"64.2-1057","catch_line":"Liquidating asset","url":"\/64.2-1057\/","token":"64.2\/III\/10.1\/6\/64.2-1057","metadata":false},{"id":64796,"structure_id":15635,"section_number":"64.2-1058","catch_line":"Minerals, water, and other natural resources","url":"\/64.2-1058\/","token":"64.2\/III\/10.1\/6\/64.2-1058","metadata":false},{"id":59724,"structure_id":15635,"section_number":"64.2-1059","catch_line":"Timber","url":"\/64.2-1059\/","token":"64.2\/III\/10.1\/6\/64.2-1059","metadata":false},{"id":85155,"structure_id":15635,"section_number":"64.2-1060","catch_line":"Marital deduction property not productive of income","url":"\/64.2-1060\/","token":"64.2\/III\/10.1\/6\/64.2-1060","metadata":false},{"id":67825,"structure_id":15635,"section_number":"64.2-1061","catch_line":"Derivative or option","url":"\/64.2-1061\/","token":"64.2\/III\/10.1\/6\/64.2-1061","metadata":false},{"id":69967,"structure_id":15635,"section_number":"64.2-1062","catch_line":"Asset-backed security","url":"\/64.2-1062\/","token":"64.2\/III\/10.1\/6\/64.2-1062","metadata":false},{"id":72779,"structure_id":15635,"section_number":"64.2-1063","catch_line":"Other financial instrument or arrangement","url":"\/64.2-1063\/","token":"64.2\/III\/10.1\/6\/64.2-1063","metadata":false}],"previous_section":{"id":64796,"structure_id":15635,"section_number":"64.2-1058","catch_line":"Minerals, water, and other natural resources","url":"\/64.2-1058\/","token":"64.2\/III\/10.1\/6\/64.2-1058","metadata":false},"next_section":{"id":85155,"structure_id":15635,"section_number":"64.2-1060","catch_line":"Marital deduction property not productive of income","url":"\/64.2-1060\/","token":"64.2\/III\/10.1\/6\/64.2-1060","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1059\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":59116,"section_number":"64.2-1048","catch_line":"Character of receipts from entity","order_by":null,"url":"\/64.2-1048\/"},{"id":64572,"section_number":"64.2-1053","catch_line":"Receipt on obligation to be paid in money","order_by":null,"url":"\/64.2-1053\/"},{"id":81730,"section_number":"64.2-1055","catch_line":"Insubstantial allocation not required","order_by":null,"url":"\/64.2-1055\/"},{"id":70724,"section_number":"64.2-1057","catch_line":"Liquidating asset","order_by":null,"url":"\/64.2-1057\/"}],"refers_to":[{"id":60866,"section_number":"64.2-1050","catch_line":"Business or other activity conducted by fiduciary","order_by":null,"url":"\/64.2-1050\/"}],"permalink":{"id":273995,"object_type":"law","relational_id":59724,"identifier":"64.2-1059","token":"64.2\/III\/10.1\/6\/64.2-1059","url":"\/64.2-1059\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1059\/","token":"64.2\/III\/10.1\/6\/64.2-1059","dublin_core":{"Title":"Timber","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1059","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> To the extent a fiduciary<\/span> does not account for receipts from the sale of timber and related products as a business under \u00a7 64.2-1050<\/a>, the fiduciary<\/span> shall allocate the net receipts: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To income<\/span>, to the extent the amount of timber cut from the land does not exceed the rate of growth of the timber; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To principal<\/span>, to the extent the amount of timber cut from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Between income<\/span> and principal<\/span> if the net receipts are from the lease of land used for growing and cutting timber or from a contract<\/span> to cut timber from land, by determining the amount of timber cut from the land under the lease or contract<\/span> and applying the rules in subdivisions 1 and 2; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To principal<\/span>, to the extent advance payments, bonuses, and other payments are not allocated under subdivisions 1, 2, or 3. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In determining net receipts to be allocated under subsection A, a fiduciary<\/span> shall deduct and transfer to principal<\/span> a reasonable amount for depletion. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> This section applies to land owned or held by a fiduciary<\/span> whether or not a settlor<\/span> was cutting timber from the land before the fiduciary<\/span> owned or held the property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If a fiduciary<\/span> owns or holds an interest in land used for growing and cutting timber before July 1, 2022, the fiduciary<\/span> may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the fiduciary<\/span> before July 1, 2022. If the fiduciary<\/span> acquires an interest in land used for growing and cutting timber on or after July 1, 2022, the fiduciary<\/span> shall allocate net receipts from the sale of timber and related products as provided in this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTIMBER (\u00a7 64.2-1059)\n\nA. To the extent a fiduciary does not account for receipts from the sale of\ntimber and related products as a business under \u00a7 64.2-1050, the fiduciary\nshall allocate the net receipts:\n\n 1. To income, to the extent the amount of timber cut from the land does not\n exceed the rate of growth of the timber;\n\n 2. To principal, to the extent the amount of timber cut from the land exceeds\n the rate of growth of the timber or the net receipts are from the sale of\n standing timber;\n\n 3. Between income and principal if the net receipts are from the lease of land\n used for growing and cutting timber or from a contract to cut timber from\n land, by determining the amount of timber cut from the land under the lease or\n contract and applying the rules in subdivisions 1 and 2; or\n\n 4. To principal, to the extent advance payments, bonuses, and other payments\n are not allocated under subdivisions 1, 2, or 3.\n\nB. In determining net receipts to be allocated under subsection A, a fiduciary\nshall deduct and transfer to principal a reasonable amount for depletion.\n\nC. This section applies to land owned or held by a fiduciary whether or not a\nsettlor was cutting timber from the land before the fiduciary owned or held the\nproperty.\n\nD. If a fiduciary owns or holds an interest in land used for growing and cutting\ntimber before July 1, 2022, the fiduciary may allocate net receipts from the\nsale of timber and related products as provided in this section or in the manner\nused by the fiduciary before July 1, 2022. If the fiduciary acquires an interest\nin land used for growing and cutting timber on or after July 1, 2022, the\nfiduciary shall allocate net receipts from the sale of timber and related\nproducts as provided in this section.\n\nHISTORY: 2022, c. 354.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}