Okla. Stat. tit. 60, § 60-175.505
This is the official text of Okla. Stat. tit. 60, § 60-175.505, 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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Income taxes
Official statutory text
INCOME TAXES
A. A tax required to be paid by a trustee based on receipts
allocated to income must be paid from income.
B. A tax required to be paid by a trustee based on receipts
allocated to principal must be paid from principal, even if the tax
is called an income tax by the taxing authority.
C. A tax required to be paid by a trustee on the trust's share
of an entity's taxable income must be paid:
1. From income to the extent that receipts from the entity are
allocated only to income;
2. From principal to the extent that receipts from the entity
are allocated only to principal;
3. Proportionately from principal and income to the extent that
receipts from the entity are allocated to both income and principal;
and
4. From principal to the extent that the tax exceeds the total
receipts from the entity.
D. After applying subsections A through C of this section, the
trustee shall adjust income or principal receipts to the extent that
the trust’s taxes are reduced because the trust receives a deduction
for payments made to a beneficiary.
A. A tax required to be paid by a trustee based on receipts
allocated to income must be paid from income.
B. A tax required to be paid by a trustee based on receipts
allocated to principal must be paid from principal, even if the tax
is called an income tax by the taxing authority.
C. A tax required to be paid by a trustee on the trust's share
of an entity's taxable income must be paid:
1. From income to the extent that receipts from the entity are
allocated only to income;
2. From principal to the extent that receipts from the entity
are allocated only to principal;
3. Proportionately from principal and income to the extent that
receipts from the entity are allocated to both income and principal;
and
4. From principal to the extent that the tax exceeds the total
receipts from the entity.
D. After applying subsections A through C of this section, the
trustee shall adjust income or principal receipts to the extent that
the trust’s taxes are reduced because the trust receives a deduction
for payments made to a beneficiary.
Status: in_force · Read it on the official government site
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