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§ 175.408. Insubstantial allocations not required

Oklahoma Statutes AnnotatedTitle 60. Property

Oklahoma Statutes Annotated
Title 60. Property (Refs & Annos)
Chapter 4. Uses and Trusts
Oklahoma Uniform Principal and Income Act (Refs & Annos)
Article 4. Allocation of Receipts During Administration of Trust
Part 3. Receipts Normally Apportioned
60 Okl.St.Ann. § 175.408
§ 175.408. Insubstantial allocations not required
Currentness
INSUBSTANTIAL ALLOCATIONS NOT REQUIRED
If a trustee determines that an allocation between principal and income required by Section 18, 19, 20, 21, or 24 of this act1 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection C of Section 4 of this act2 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subsection D of Section 4 of this act and may be released for the reasons and in the manner described in subsection E of Section 4 of this act. An allocation is presumed to be insubstantial if:
1. The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent (10%); or
2. The value of the asset producing the receipt for which the allocation would be made is less than ten percent (10%) of the total value of the trust's assets at the beginning of the accounting period.

Credits

Laws 1998, c. 115, § 17, eff. Nov. 1, 1998.
<Caption added by Laws 1998, c. 115>
<Caption added by Laws 1998, c. 115>

Footnotes

1
Title 60, §§ 175.409 to 175.412 or 175.415.
2
Title 60, § 175.104.
60 Okl. St. Ann. § 175.408, OK ST T. 60 § 175.408
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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