Okla. Stat. tit. 60, § 60-175.503
This is the official text of Okla. Stat. tit. 60, § 60-175.503, 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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Transfers from income to principal for depreciation
Official statutory text
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 act 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.
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 act 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.
Status: in_force · Read it on the official government site
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