Section 163.610 - Trustee authorized to include certain capital gains in distributable net income in certain circumstances Unless otherwise provided by the trust instrument, a trustee may include capital gains from the sale or exchange of capital assets in distributable net income to the extent the gains are, in a reasonable and impartial exercise of discretion by the trustee, allocated to:
1. Income pursuant to the power of the trustee to adjust between principal and income pursuant to NRS 164.795;2. Principal and treated consistently by the trustee in the books, records and tax returns of the trust as part of the distribution to a beneficiary; or3. Principal but distributed to a beneficiary or utilized by the trustee in determining the amount that is distributed or required to be distributed to a beneficiary.Added to NRS by 2015, 3540; A 2017, 1694Amended by 2017, Ch. 311,§50, eff. 10/1/2017.Added by 2015, Ch. 524,§46, eff. 10/1/2015.