{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.503","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.503","heading":"Transfers from income to principal for depreciation","body":"TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION\n\nA. In this section, \"depreciation\" means a reduction in value\n\ndue to wear, tear, decay, corrosion, or gradual obsolescence of a\n\nfixed asset having a useful life of more than one (1) year.\n\nB. A trustee may transfer to principal a reasonable amount of\n\nthe net cash receipts from a principal asset that is subject to\n\ndepreciation, but may not transfer any amount for depreciation:\n\n1. Of that portion of real property used or available for use\n\nby a beneficiary as a residence or of tangible personal property\n\nheld or made available for the personal use or enjoyment of a\n\nbeneficiary;\n\n2. During the administration of a decedent's estate; or\n\n3. Under this section if the trustee is accounting under\n\nSection 12 of this act for the business or activity in which the\n\nasset is used.\n\nC. An amount transferred to principal need not be held as a\n\nseparate fund.","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":"73ab19f4d552b11807c6147ff46130a3532597274fbe57a0b7c15d1fed6a92f6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.502","next":"us-ok/okla.-stat.-tit.-60-60-175.504"},"notice":"GroundRules: Original legal text. Not legal advice."}