Section 55-15-8 - Unitrust amount as net income of trust--Allocation of capital gains to trust income. - South-dakota Statutes

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Statutes > South-dakota > Title-55 > Chapter-15 > Statute-55-15-8

55-15-8. Unitrust amount as net income of trust--Allocation of capital gains to trust income. Following the conversion of an income trust to a total return unitrust, the trustee:
(1) Shall treat the unitrust amount as if it were net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; and
(2) May allocate to trust income for each taxable year of the trust (or portions thereof) (i) net short-term capital gain described in I.R.C. section 1222(5) for such year (or portion thereof) but only to the extent that the amounts so allocated together with all other amounts allocate to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof); and (ii) net long-term capital gain described in I.R.C. section 1222(7) for such year (or portion thereof) but only to the extent that the amount so allocated together with all other amounts, including amounts described in clause (i) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof).

Source: SL 2002, ch 225, § 8.

State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-15 > Statute-55-15-8

55-15-8. Unitrust amount as net income of trust--Allocation of capital gains to trust income. Following the conversion of an income trust to a total return unitrust, the trustee:
(1) Shall treat the unitrust amount as if it were net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; and
(2) May allocate to trust income for each taxable year of the trust (or portions thereof) (i) net short-term capital gain described in I.R.C. section 1222(5) for such year (or portion thereof) but only to the extent that the amounts so allocated together with all other amounts allocate to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof); and (ii) net long-term capital gain described in I.R.C. section 1222(7) for such year (or portion thereof) but only to the extent that the amount so allocated together with all other amounts, including amounts described in clause (i) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof).

Source: SL 2002, ch 225, § 8.

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State Codes and Statutes

Statutes > South-dakota > Title-55 > Chapter-15 > Statute-55-15-8

55-15-8. Unitrust amount as net income of trust--Allocation of capital gains to trust income. Following the conversion of an income trust to a total return unitrust, the trustee:
(1) Shall treat the unitrust amount as if it were net income of the trust for purposes of determining the amount available, from time to time, for distributions from the trust; and
(2) May allocate to trust income for each taxable year of the trust (or portions thereof) (i) net short-term capital gain described in I.R.C. section 1222(5) for such year (or portion thereof) but only to the extent that the amounts so allocated together with all other amounts allocate to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof); and (ii) net long-term capital gain described in I.R.C. section 1222(7) for such year (or portion thereof) but only to the extent that the amount so allocated together with all other amounts, including amounts described in clause (i) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof).

Source: SL 2002, ch 225, § 8.