Okla. Stat. tit. 60, § 60-175.303
This is the official text of Okla. Stat. tit. 60, § 60-175.303, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Apportionment when income interest ends
Official statutory text
APPORTIONMENT WHEN INCOME INTEREST ENDS
A. In this section, "undistributed income" means net income
received before the date on which an income interest ends. The term
does not include an item of income or expense that is due or accrued
or net income that has been added or is required to be added to
principal under the terms of the trust.
B. When a mandatory income interest ends, the trustee shall pay
to a mandatory income beneficiary who survives that date, or the
estate of a deceased mandatory income beneficiary whose death causes
the interest to end, the beneficiary's share of the undistributed
income that is not disposed of under the terms of the trust unless
the beneficiary has an unqualified power to revoke more than five
percent (5%) of the trust immediately before the income interest
ends. In the latter case, the undistributed income from the portion
of the trust that may be revoked must be added to principal.
C. When a trustee's obligation to pay a fixed annuity or a
fixed fraction of the value of the trust's assets ends, the trustee
shall prorate the final payment if and to the extent required by
applicable law to accomplish a purpose of the trust or its settlor
relating to income, gift, estate, or other tax requirements.
A. In this section, "undistributed income" means net income
received before the date on which an income interest ends. The term
does not include an item of income or expense that is due or accrued
or net income that has been added or is required to be added to
principal under the terms of the trust.
B. When a mandatory income interest ends, the trustee shall pay
to a mandatory income beneficiary who survives that date, or the
estate of a deceased mandatory income beneficiary whose death causes
the interest to end, the beneficiary's share of the undistributed
income that is not disposed of under the terms of the trust unless
the beneficiary has an unqualified power to revoke more than five
percent (5%) of the trust immediately before the income interest
ends. In the latter case, the undistributed income from the portion
of the trust that may be revoked must be added to principal.
C. When a trustee's obligation to pay a fixed annuity or a
fixed fraction of the value of the trust's assets ends, the trustee
shall prorate the final payment if and to the extent required by
applicable law to accomplish a purpose of the trust or its settlor
relating to income, gift, estate, or other tax requirements.
Status: in_force · Read it on the official government site
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