Section 5813.03 | Settlor’s Intention That Income Be Otherwise Determined.
Effective: January 1, 2007 Latest Legislation: House Bill 416 – 126th General Assembly (A) Division (A) of section 5813.02 of the Revised Code does not apply if the applicable trust instrument expressly indicates the settlor’s intention that income is to be otherwise than as defined in division (A) of section 5813.02 of the Revised Code. […]
Section 5812.08 | Distribution to Residuary and Remainder Beneficiaries.
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 […]
Section 5812.12 | When Right to Income Begins and Ends.
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 […]
Section 5812.13 | Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins.
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 […]
Section 5812.14 | Apportionment When Income Interest Ends.
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 […]
Section 5812.18 | Character of Receipts.
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 […]
Section 5812.19 | Distribution From Trust or Estate.
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 […]
Section 5812.20 | Business and Other Activities Conducted by Trustee.
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 […]
Section 5812.24 | Principal Receipts.
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 […]
Section 5812.25 | Rental Property.
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 […]