Section 11-A-4.12. Timber

(a)  To  the extent that a trustee accounts for receipts from the sale
  of timber and related products pursuant to  this  section,  the  trustee
  shall allocate the net receipts:
    (1) to income to the extent that the amount of timber removed from the
  land  does  not  exceed  the  rate  of  growth  of the timber during the
  accounting periods  in  which  a  beneficiary  has  a  mandatory  income
  interest;
    (2)  to principal to the extent that the amount of timber removed from
  the land exceeds the rate of growth of the timber or  the  net  receipts
  are from the sale of standing timber;
    (3)  to  or  between income and principal if the net receipts are from
  the lease of timberland or from a contract to cut timber from land owned
  by a trust, by determining the amount of timber removed  from  the  land
  under  the lease or contract and applying the rules in subparagraphs (1)
  and (2); or
    (4) to principal to the extent that  advance  payments,  bonuses,  and
  other  payments  are not allocated pursuant to subparagraph (1), (2), or
  (3).
    (b) In determining net receipts to be allocated pursuant to  paragraph
  (a),  a  trustee  shall  deduct  and  transfer to principal a reasonable
  amount for depletion.
    (c) This article applies whether or not a decedent or  transferor  was
  harvesting  timber  from  the  property  before it became subject to the
  trust.
    (d) If a trust owns an interest in timberland on the effective date of
  this article, the trustee may allocate net receipts  from  the  sale  of
  timber and related products as provided in this article or in the manner
  used  by  the  trustee before the effective date of this article. If the
  trust acquires an interest in timberland after  the  effective  date  of
  this  article,  the trustee shall allocate net receipts from the sale of
  timber and related products as provided in this article.