Section 5812.46 | Income Taxes.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (B) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, […]
Section 5812.47 | Adjustments Between Principal and Income Because of Taxes.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from any of the following: (1) Elections and decisions, other than those described in […]
Section 5812.51 | Citing Chapter.
Effective: April 6, 2017 Latest Legislation: House Bill 432 – 131st General Assembly (A) Sections 5812.01 to 5812.52 of the Revised Code may be cited as the “uniform principal and income act.” (B) In applying and construing the “uniform principal and income act,” consideration shall be given to the need to promote uniformity of the […]
Section 5812.27 | Insurance Policies and Similar Contracts.
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 […]
Section 5812.52 | Application to Existing Trusts and Estates.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly Sections 5812.01 to 5812.51 of the Revised Code apply to every trust or decedent’s estate existing on January 1, 2003, except as otherwise expressly provided in the will or terms of the trust or in sections 5812.01 to 5812.51 of the Revised […]
Section 5812.31 | Insubstantial Allocations Not Required.
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 […]
Section 5812.32 | Deferred Compensation, Annuities and Similar Payments.
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 […]
Section 5812.33 | Liquidating Asset.
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 […]
Section 5812.34 | Minerals, Water and Other Natural Resources.
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 […]
Section 5812.35 | Timber.
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 […]