Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly As used in sections 5812.01 to 5812.52 of the Revised Code: (A) “Accounting period” means a calendar year unless another twelve-month period is selected by a fiduciary. “Accounting period” includes a portion of a calendar year or other twelve-month period that begins […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 5812.07 to 5812.14 of the Revised Code, all of the following apply: (1) A fiduciary shall administer a trust […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages the trust assets as a prudent investor, the terms of the trust describe the amount that may or must be […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly After a decedent dies, in the case of an estate, or after an income interest in a trust ends, all of the following apply: (A) The fiduciary of the estate or of the terminating income interest shall determine, under the provisions of […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Each beneficiary described in division (D) of section 5812.07 of the Revised Code is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A trustee shall allocate to principal an income receipt or disbursement other than one to which division (A) of section 5812.07 of the Revised Code applies, if its due date occurs before a decedent dies in the case of an estate […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section, “undistributed income” means net income received before the date on which an income interest ends. “Undistributed income” excludes an item of income or expense that is due or accrued or net income that has been added […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly 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 […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) If a trust that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly A trustee shall allocate to principal all of the following: (A) To the extent not allocated to income under sections 5812.01 to 5812.52 of the Revised Code, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Except as otherwise provided in division (B) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly If a trustee determines that an allocation between principal and income required by section 5812.32, 5812.33, 5812.34, 5812.35, or 5812.38 of the Revised Code is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in […]
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) As used in this section: (1) “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. “Liquidating asset” includes a leasehold, patent, copyright, royalty right, and right […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate the receipts in accordance with all of the following: (1) If received as nominal delay […]
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts in accordance with all of the following: (1) To income, to the extent […]
