Nebraska § 30-3134 - Insubstantial allocations not required.
Full text of Nebraska Revised Statutes of Nebraska § 30-3134 — Insubstantial allocations not required., with citation guidance and answers to common questions.
§ 30-3134. Insubstantial allocations not required.
If a trustee determines that an allocation between principal and income required by section 30-3135, 30-3136, 30-3137, 30-3138, or 30-3141 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection (c) of section 30-3119 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subsection (d) of section 30-3119 and may be released for the reasons and in the manner described in subsection (e) of section 30-3119. An allocation is presumed to be insubstantial if:
(1) the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent; or
(2) the value of the asset producing the receipt for which the allocation would be made is less than ten percent of the total value of the trust's assets at the beginning of the accounting period.
Frequently Asked Questions About Nebraska § 30-3134
What does Revised Statutes of Nebraska § 30-3134 cover?
Section 30-3134 ("Insubstantial allocations not required.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 30-3134?
A common citation format is "Revised Statutes of Nebraska § 30-3134" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 30-3134 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.