§60-175.402. Distribution from trust or estate.
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/ok/title-60-property/60-175-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
DISTRIBUTION FROM TRUST OR ESTATE
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, Section 10 or 24 of this act applies to a receipt from the trust. Added by Laws 1998, c. 115, § 11, eff. Nov. 1, 1998.