{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6010","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6010","heading":"Ruling requests - United States Internal Revenue Service","body":"and Securities and Exchange Commission.\n\nA. The Regents shall solicit answers to appropriate ruling\n\nrequests from the United States Internal Revenue Service regarding\n\nthe tax status of the value received under the contract to the\n\npurchaser or qualified beneficiary. The Regents shall attempt to\n\nensure that purchasers and qualified beneficiaries receive the\n\nmaximum federal and state tax benefits under this program. No\n\ncontracts shall be entered into with any purchaser prior to June 1,\n\n1990 or until receipt of an Internal Revenue Service private letter\n\nruling determining that:\n\n1. the income of the Trust is excludable from gross income as\n\nincome earned by an integral part of the state or as income derived\n\nfrom the exercise of an essential governmental function that accrues\n\nto the state under Section 115 of the Internal Revenue Code; and\n\n2. the purchase price of such a contract either is excludable\n\nfrom the application of the federal gift tax or qualifies as a gift\n\nof a present interest in property eligible for the ten-thousand-\n\ndollar annual exclusion,\n\nwhichever occurs later.\n\nB. The Regents may solicit answers to appropriate ruling\n\nrequests from the United States Securities and Exchange Commission\n\nregarding the application of federal security laws to the fund.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a6c2ed37b10b757a095dc5c3576f2f157dd564e48a37e580c89e209d45a1054f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6009","next":"us-ok/okla.-stat.-tit.-70-70-6011"},"notice":"GroundRules: Original legal text. Not legal advice."}