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Partnership liquidating distribution marketable securities

These entities have two classes of owners; those that have an interest in the entity's income (income beneficiaries) and those having an interest in the principal (principal beneficiaries).

Put into perspective, what is shown are two income statements: the principal-income statement and income-income statement, one could say, and the distributions from each account to arrive at the year-end balance for these two equity accounts.

Overall, the illustration shows how the income/principal determinations (in conjunction with the distribution provisions of the trust agreement) affect what each beneficiary is to receive. UPIA 1931 as well as RUPIA 1962 and RUPIA 1997 provide similar definitions of principal and income.

Correspondingly, UPIA 1931 will be used to refer specifically to the original law, and RUPIA to refer to both the 19 revised statutes.

And, of course, RUPIA 1962 or RUPIA 1997 is meant to refer to these individual laws.

Accordingly, many of these significant changes will be discussed.

Further, some less universal changes included in the new law will be examined in future articles focusing on various aspects of UPIA.

There are three existing versions of the UPIA: the original 1931 statute and its progeny, the 1962 revised statute and the most recent 1997 revised act.

Some states now have the original 1931 law; others have either the 1962 or 1997 revision.

It is sometimes said that UPIA governs the accounting for trusts and estates.

This statement is overly broad and, as such, it can be misleading: UPIA is for the most part confined to a particular aspect of trust and estate accounting.

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