{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1069.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1069.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1069.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1069.html"}],"law_id":77952,"edition_id":1,"section_id":77952,"structure_id":16288,"section_number":"64.2-1069","catch_line":"Income taxes","history":"2022, c. 354.","full_text":"A\n\nA tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.B\n\nA tax required to be paid by a fiduciary that 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.C\n\nSubject to subsection D and \u00a7\u00a7 64.2-1067, 64.2-1068, and 64.2-1070, 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:1\n\nIncome and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and2\n\nPrincipal, to the extent the tax exceeds the receipts from the entity in the period.D\n\nAfter applying subsections A, B, and C, 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.","order_by":null,"text":{"0":{"id":279510,"text":"A tax required to be paid by a fiduciary that is based on receipts allocated to income must be paid from income.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":279511,"text":"A tax required to be paid by a fiduciary that 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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":279512,"text":"Subject to subsection D and \u00a7\u00a7 64.2-1067, 64.2-1068, and 64.2-1070, 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:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":279513,"text":"Income and principal proportionately to the allocation between income and principal of receipts from the entity in the period; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":279514,"text":"Principal, to the extent the tax exceeds the receipts from the entity in the period.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":279515,"text":"After applying subsections A, B, and C, 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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2"}},"ancestry":[{"id":16288,"edition_id":1,"name":"Allocation of Disbursements","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":13478,"metadata":{},"date_created":"2026-06-26 04:12:38","date_modified":"2026-06-26 04:12:38","permalink":{"id":274015,"object_type":"structure","relational_id":16288,"identifier":"7","token":"64.2\/III\/10.1\/7","url":"\/64.2\/III\/10.1\/7\/","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":66204,"structure_id":16288,"section_number":"64.2-1064","catch_line":"Disbursement from income","url":"\/64.2-1064\/","token":"64.2\/III\/10.1\/7\/64.2-1064","metadata":false},{"id":68322,"structure_id":16288,"section_number":"64.2-1065","catch_line":"Disbursement from principal","url":"\/64.2-1065\/","token":"64.2\/III\/10.1\/7\/64.2-1065","metadata":false},{"id":85159,"structure_id":16288,"section_number":"64.2-1066","catch_line":"Transfer from income to principal for depreciation","url":"\/64.2-1066\/","token":"64.2\/III\/10.1\/7\/64.2-1066","metadata":false},{"id":66661,"structure_id":16288,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","url":"\/64.2-1067\/","token":"64.2\/III\/10.1\/7\/64.2-1067","metadata":false},{"id":83008,"structure_id":16288,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","url":"\/64.2-1068\/","token":"64.2\/III\/10.1\/7\/64.2-1068","metadata":false},{"id":77952,"structure_id":16288,"section_number":"64.2-1069","catch_line":"Income taxes","url":"\/64.2-1069\/","token":"64.2\/III\/10.1\/7\/64.2-1069","metadata":false},{"id":85750,"structure_id":16288,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","url":"\/64.2-1070\/","token":"64.2\/III\/10.1\/7\/64.2-1070","metadata":false}],"previous_section":{"id":83008,"structure_id":16288,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","url":"\/64.2-1068\/","token":"64.2\/III\/10.1\/7\/64.2-1068","metadata":false},"next_section":{"id":85750,"structure_id":16288,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","url":"\/64.2-1070\/","token":"64.2\/III\/10.1\/7\/64.2-1070","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1069\/","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":false,"refers_to":[{"id":66661,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","order_by":null,"url":"\/64.2-1067\/"},{"id":83008,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","order_by":null,"url":"\/64.2-1068\/"},{"id":85750,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","order_by":null,"url":"\/64.2-1070\/"}],"permalink":{"id":274037,"object_type":"law","relational_id":77952,"identifier":"64.2-1069","token":"64.2\/III\/10.1\/7\/64.2-1069","url":"\/64.2-1069\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1069\/","token":"64.2\/III\/10.1\/7\/64.2-1069","dublin_core":{"Title":"Income taxes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1069","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A tax required to be paid by a fiduciary<\/span> that is based on receipts allocated to income<\/span> must be paid from income<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A tax required to be paid by a fiduciary<\/span> that is based on receipts allocated to principal<\/span> must be paid from principal<\/span>, even if the tax is called an income<\/span> tax by the taxing authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Subject to subsection D and \u00a7\u00a7 64.2-1067<\/a>, 64.2-1068<\/a>, and 64.2-1070<\/a>, a tax required to be paid by a fiduciary<\/span> on a share of an entity’s taxable income<\/span> in an accounting period<\/span> must be paid from: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Income<\/span> and principal<\/span> proportionately to the allocation between income<\/span> and principal<\/span> of receipts from the entity in the period; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Principal<\/span>, to the extent the tax exceeds the receipts from the entity in the period. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> After applying subsections A, B, and C, a fiduciary<\/span> shall adjust income<\/span> or principal<\/span> receipts, to the extent the taxes the fiduciary<\/span> pays are reduced because of a deduction for a payment made to a beneficiary. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINCOME TAXES (\u00a7 64.2-1069)\n\nA. A tax required to be paid by a fiduciary that is based on receipts allocated\nto income must be paid from income.\n\nB. A tax required to be paid by a fiduciary that is based on receipts allocated\nto principal must be paid from principal, even if the tax is called an income\ntax by the taxing authority.\n\nC. Subject to subsection D and \u00a7\u00a7 64.2-1067, 64.2-1068, and 64.2-1070, a tax\nrequired to be paid by a fiduciary on a share of an entity’s taxable\nincome in an accounting period must be paid from:\n\n 1. Income and principal proportionately to the allocation between income and\n principal of receipts from the entity in the period; and\n\n 2. Principal, to the extent the tax exceeds the receipts from the entity in\n the period.\n\nD. After applying subsections A, B, and C, a fiduciary shall adjust income or\nprincipal receipts, to the extent the taxes the fiduciary pays are reduced\nbecause of a deduction for a payment made to a beneficiary.\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}}