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

1. (1) ordinary expenses incurred in connection with the administration, management, and preservation of the trust property, including regularly recurring taxes assessed against any portion of the principal, water rates, premiums on insurance taken upon the interests of the income beneficiary, remainderman or trustee, interest paid by the trustee, and ordinary repairs;
2. (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; nor for depreciation of any property held by the trustee on June 3, 1963, (except as to subsequent expenses incurred for extraordinary repairs or capital improvements to such property), for which the trustee was not then making an allowance for depreciation;
3. (3) one-half of court costs, attorney's fees, and other fees on periodic judicial accounting, unless the court directs otherwise;
4. (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. (5) one-half of the trustee's regular compensation, whether based on a percentage of principal or income, and all expenses reasonably incurred for current management of principal and application of income;
6. (6) any tax levied upon receipts defined as income under this part [Sections 62-7-401 et seq.] or the trust instrument and payable by the trustee.