{"data":{"id":"us-sd/sdcl-55-13a-503","jurisdiction":"us-sd","citation":"SDCL § 55-13A-503","heading":"Transfers from income to principal for depreciation.","body":"(a) In this section, the term, depreciation, means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.\n(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:\n(1) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;\n(2) During the administration of a decedent's estate; or\n(3) Under this section if the trustee is accounting under § 55-13A-403 for the business or activity in which the asset is used.\n(c) An amount transferred to principal need not be held as a separate fund.","path":["TITLE 55. FIDUCIARIES AND TRUSTS","CHAPTER 55-13A. UNIFORM PRINCIPAL AND INCOME ACT"],"source_url":"https://sdlegislature.gov/Statutes/55-13A-503","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"9fae9c1c1defd00cf18c2aecfeb78f83cc299a894c6b5c9240e64c1ee6a40094","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-55-13a-502","next":"us-sd/sdcl-55-13a-504"},"notice":"GroundRules: Original legal text. Not legal advice."}