The following charges shall be made against principal:

1. (1) trustee's compensation not chargeable to income under subsection (a), items (4) and (5) of Section 62-7-417, including special compensation of trustees and expenses reasonably incurred in connection with the principal, court costs, and attorney's fees concerning matters of principal, and trustee's compensation computed on principal as an acceptance, distribution, or termination fee;
2. (2) charges not provided for in Section 62-7-417(a) including the cost of investing and reinvesting principal, the payments on principal of an indebtedness (including a mortgage amortized by periodic payments of principal), expenses for preparation of property for rental or sale, and, unless the court directs otherwise, expenses incurred in maintaining or defending any action to protect or construe the trust or the property or assure the title of any trust property;
3. (3) extraordinary repairs or expenses incurred in making a capital improvement of principal, including special assessments, but, to the extent permitted by Section 62-7-411 and subsection (a), item (2), of Section 62-7-417 a trustee may establish an allowance for depreciation out of income;
4. (4) any tax levied upon profit, gain, or other receipts allocated to principal notwithstanding denomination of the tax as an income tax by the taxing authority;
5. (5) if an estate or inheritance tax is levied in respect of a trust in which both an income beneficiary and a remainderman have an interest, any amount apportioned to the trust, including interest and penalties, even though the income beneficiary also has rights in the principal.