Okla. Stat. tit. 70, § 70-6010
This is the official text of Okla. Stat. tit. 70, § 70-6010, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Ruling requests - United States Internal Revenue Service
Official statutory text
and Securities and Exchange Commission.
Oklahoma Statutes - Title 70. Schools Page 1690
A. The Regents shall solicit answers to appropriate ruling
requests from the United States Internal Revenue Service regarding
the tax status of the value received under the contract to the
purchaser or qualified beneficiary. The Regents shall attempt to
ensure that purchasers and qualified beneficiaries receive the
maximum federal and state tax benefits under this program. No
contracts shall be entered into with any purchaser prior to June 1,
1990 or until receipt of an Internal Revenue Service private letter
ruling determining that:
1. the income of the Trust is excludable from gross income as
income earned by an integral part of the state or as income derived
from the exercise of an essential governmental function that accrues
to the state under Section 115 of the Internal Revenue Code; and
2. the purchase price of such a contract either is excludable
from the application of the federal gift tax or qualifies as a gift
of a present interest in property eligible for the ten-thousand-
dollar annual exclusion,
whichever occurs later.
B. The Regents may solicit answers to appropriate ruling
requests from the United States Securities and Exchange Commission
regarding the application of federal security laws to the fund.
Oklahoma Statutes - Title 70. Schools Page 1690
A. The Regents shall solicit answers to appropriate ruling
requests from the United States Internal Revenue Service regarding
the tax status of the value received under the contract to the
purchaser or qualified beneficiary. The Regents shall attempt to
ensure that purchasers and qualified beneficiaries receive the
maximum federal and state tax benefits under this program. No
contracts shall be entered into with any purchaser prior to June 1,
1990 or until receipt of an Internal Revenue Service private letter
ruling determining that:
1. the income of the Trust is excludable from gross income as
income earned by an integral part of the state or as income derived
from the exercise of an essential governmental function that accrues
to the state under Section 115 of the Internal Revenue Code; and
2. the purchase price of such a contract either is excludable
from the application of the federal gift tax or qualifies as a gift
of a present interest in property eligible for the ten-thousand-
dollar annual exclusion,
whichever occurs later.
B. The Regents may solicit answers to appropriate ruling
requests from the United States Securities and Exchange Commission
regarding the application of federal security laws to the fund.
Status: in_force · Read it on the official government site
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