Ohio § 5812.34

§ 5812.34.

(A) To the extent that a trustee accounts for receipts from an interest in minerals or

other natural resources pursuant to this section, the trustee shall allocate the receipts

in accordance with all of the following: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt

shall be allocated to income. (2) If received from a production payment, a receipt shall be allocated to income if

and to the extent that the agreement creating the production payment provides a factor

for interest or its equivalent.  The balance shall be allocated to principal. (3) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus,

or delay rental is more than nominal, ninety per cent shall be allocated to principal

and the balance to income. (4) If an amount is received from a working interest or any other interest not provided

for in division (A)(1), (2), or (3) of this section, ninety per cent of the net amount

received shall be allocated to principal and the balance to income. (B) An amount received on account of an interest in water that is renewable shall be

allocated to income.  If the water is not renewable, ninety per cent of the amount shall be allocated

to principal and the balance to income. (C) This section applies whether or not a decedent or donor was extracting minerals,

water, or other natural resources before the interest became subject to the trust. (D) If a trust owns an interest in minerals, water, or other natural resources on January

1, 2003, the trustee may allocate receipts from the interest as provided in this section

or in the manner used by the trustee before that date.  If the trust acquires an interest in minerals, water, or other natural resources

after January 1, 2003, the trustee shall allocate receipts from the interest as provided

in this section.