Home Table of Contents

§ 175.503. Transfers from income to principal for depreciation

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 5. Allocation of Disbursements During Administration of Trust
60 Okl.St.Ann. § 175.503
§ 175.503. Transfers from income to principal for depreciation
Currentness
TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION
A. In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year.
B. A trustee 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. Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
2. During the administration of a decedent's estate; or
3. Under this section if the trustee is accounting under Section 12 of this act1 for the business or activity in which the asset is used.
C. An amount transferred to principal need not be held as a separate fund.

Credits

Laws 1998, c. 115, § 27, eff. Nov. 1, 1998.
<Caption added by Laws 1998, c. 115>

Footnotes

1
Title 60, § 175.403.
60 Okl. St. Ann. § 175.503, OK ST T. 60 § 175.503
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document