{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.401","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.401","heading":"Character of receipts","body":"CHARACTER OF RECEIPTS\n\nA. In this section, \"entity\" means a corporation, partnership,\n\nlimited liability company, regulated investment company, real estate\n\ninvestment trust, common trust fund, or any other organization in\n\nwhich a trustee has an interest other than a trust or estate to\n\nwhich Section 11 of this act applies, a business or activity to\n\nwhich Section 12 of this act applies, or an asset-backed security to\n\nwhich Section 24 of this act applies.\n\nB. Except as otherwise provided in this section, a trustee\n\nshall allocate to income money received from an entity.\n\nC. A trustee shall allocate the following receipts from an\n\nentity to principal:\n\n1. Property other than money;\n\n2. Money received in one distribution or a series of related\n\ndistributions in exchange for part or all of a trust's interest in\n\nthe entity;\n\n3. Money received in total or partial liquidation of the\n\nentity; and\n\n4. Money received from an entity that is a regulated investment\n\ncompany or a real estate investment trust if the money distributed\n\nis a capital gain dividend for federal income tax purposes.\n\nD. Money is received in partial liquidation:\n\n1. To the extent that the entity, at or near the time of a\n\ndistribution, indicates that it is a distribution in partial\n\nliquidation; or\n\n2. If the total amount of money and property received in a\n\ndistribution or series of related distributions is greater than\n\ntwenty percent (20%) of the entity's gross assets, as shown by the\n\nentity's year-end financial statements immediately preceding the\n\ninitial receipt.\n\nE. Money is not received in partial liquidation, nor may it be\n\ntaken into account under paragraph 2 of subsection D of this\n\nsection, to the extent that it does not exceed the amount of income\n\ntax that a trustee or beneficiary must pay on taxable income of the\n\nentity that distributes the money.\n\nF. A trustee may rely upon a statement made by an entity about\n\nthe source or character of a distribution if the statement is made\n\nat or near the time of distribution by the entity's board of\n\ndirectors or other person or group of persons authorized to exercise\n\npowers to pay money or transfer property comparable to those of a\n\ncorporation's board of directors.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6381ac914171df51a7a8f2b0a3aa5f0d352910e51e88111362c31f5cc64a03a1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.40","next":"us-ok/okla.-stat.-tit.-60-60-175.402"},"notice":"GroundRules: Original legal text. Not legal advice."}