1.  Accounting period.  "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. "Accounting period" includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.  

2.  Beneficiary.  "Beneficiary" includes, in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.  

3.  Fiduciary.  "Fiduciary" means a personal representative or a trustee. "Fiduciary" includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.  

4.  Income.  "Income" means money or property that a fiduciary receives as current return from a principal asset. "Income" includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in subpart 4.  

5.  Income beneficiary.  "Income beneficiary" means a person to whom net income of a trust is or may be payable.  

6.  Income interest.  "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.  

7.  Mandatory income interest.  "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.  

8.  Net income.  "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this Part to or from income during the period.  

9.  Person.  "Person" means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity.  

10.  Principal.  "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.  

11.  Remainder beneficiary.  "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.  

12.  Terms of a trust.  "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.  

13.  Trustee.  "Trustee" includes an original, additional or successor trustee, whether or not appointed or confirmed by a court.