(a) The following charges shall be made against income:

(1) Ordinary expenses incurred in connection with the administration, management, or preservation of the trust property, including regularly recurring taxes assessed against any portion of the principal, premiums on insurance taken upon the interests of the income beneficiary, remainder beneficiary, or trustee, interest paid by the trustee, and ordinary repairs;

(2) A reasonable allowance for depreciation on property subject to depreciation under generally accepted accounting principles, but no allowance shall be made for depreciation of that portion of any real property used by a beneficiary as a residence; the trustee may exercise discretion in determining whether to take an allowance for depreciation of any property held by the trustee on July 1, 1991, for which the trustee is not then making an allowance for depreciation;

(3) One-half of court costs, attorney's fees, and other fees on periodic judicial accounting, unless the court directs otherwise;

(4) Court costs, attorney's fees, and other fees on other accountings or judicial proceedings if the matter primarily concerns the income interest, unless the court directs otherwise;

(5) One-half of the trustee's regular periodic compensation, whether based on a percentage of principal or income, and all expenses incurred for current management of principal and application of income;

(6) Any tax payable by the trustee levied upon receipts defined as income under this chapter or the trust.

(b) If charges against income are of unusual amount, the trustee may by means of reserves or other reasonable means charge them over a reasonable period of time and withhold from distribution sufficient sums to regularize distributions.

(c) All other charges shall be made against principal.

(d) Regularly recurring charges payable from income shall be apportioned to the same extent and in the same manner that income is apportioned under Code Section 53-12-213.

(e) Expenses incurred in connection with the settlement of a decedent's estate, including interest and penalties concerning taxes, fees of attorneys and personal representatives, and court costs, may be charged against the principal or income at the discretion of the personal representative.