Oregon Statutes - Chapter 129 - Uniform Principal and Income Act - Section 129.350 - Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by ORS 129.355, 129.360, 129.365, 129.370 or 129.385 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in ORS 129.215 (3) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in ORS 129.215 (4) and may be released for the reasons and in the manner described in ORS 129.215 (5). An allocation is presumed to be insubstantial if:

(1) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or

(2) The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust’s assets at the beginning of the accounting period. [2003 c.279 §17]

Section:  Previous  129.300  129.305  129.308  129.310  129.315  129.320  129.325  129.350  129.355  129.360  129.365  129.370  129.375  129.380  129.385  Next

Last modified: August 7, 2008