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11 chapters · 89 sections in this title.
Mich. Comp. Laws § 555.703 Undistributed income.
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Sec. 303. (1) As used in this section, “undistributed income” means net income received 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 …
Mich. Comp. Laws § 555.801 “Entity” defined; allocation to income money received; allocation of receipts to principal; money received in partial liquidation; limitation; statement by entity on source or character of distribution.
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Sec. 401. (1) As used in this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or other organization in which a trustee has an interest, other than a trust or estate to wh…
Mich. Comp. Laws § 555.802 Income; principal; allocation of amounts received as distributions from trust or purchased interest.
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Sec. 402. A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a …
Mich. Comp. Laws § 555.803 Separate accounting for business or other activity.
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Sec. 403. (1) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee …