Oklahoma § 60-175.503 - Transfers from income to principal for depreciation
Full text of Oklahoma Oklahoma Statutes § 60-175.503 — Transfers from income to principal for depreciation, with citation guidance and answers to common questions.
§ 60-175.503. Transfers from income to principal for depreciation
TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION
A. In this section, "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 (1) year.
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:
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;
2. During the administration of a decedent's estate; or
3. Under this section if the trustee is accounting under
Section 12 of this act for the business or activity in which the
asset is used.
C. An amount transferred to principal need not be held as a
separate fund.
Added by Laws 1998, c. 115, § 27, eff. Nov. 1, 1998.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 60-175.503
What does Oklahoma Statutes § 60-175.503 cover?
Section 60-175.503 ("Transfers from income to principal for depreciation") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. 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 Oklahoma § 60-175.503?
A common citation format is "Oklahoma Statutes § 60-175.503" (Oklahoma). 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 Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 60-175.503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma 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 Oklahoma.