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14. Definition of Income.
 
 
 
 
 
 
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14. Definition of Income.

For the purposes of this trust, the term "income" has the same meaning as it does under § 643(b) of the Internal Revenue Code of 1954 or corresponding provision of any subsequent Federal tax law and regulations thereunder. The term "income" shall mean net income after payment of any expenses of administering the trust. Such expenses shall include reasonable investment management, custodian and like fees and reasonable compensation of the Trustee. The following shall be treated as principal and not as income:


0009

  • (a) Gains and losses from the sale, exchange, redemption or other disposition of investments;
  • (b) Stock dividends, stock splits and similar distributions;
  • (c) Capital gain dividends of regulated investment companies;
  • (d) Liquidation distributions; and
  • (e) Any other dividends or distributions not deemed taxable as income under the Internal Revenue Code.