For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than 1 year.

A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation but may not transfer any amount for depreciation:

1. (a)
   Of the part of real property used or available for use by a beneficiary as a residence;
2. (b)
   Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or
3. (c)
   Under this section, to the extent that the fiduciary accounts: 1. Under s. 738.410 for the asset; or 2. Under s. 738.403 for the business or other activity in which the asset is used.

An amount transferred to principal under this section need not be separately held.