ORS 129.420
UPIA 505. Income taxes

(1)

A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.

(2)

A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.

(3)

A tax required to be paid by a trustee on the trust’s share of an entity’s taxable income must be paid:

(a)

From income to the extent that receipts from the entity are allocated only to income;

(b)

From principal to the extent that receipts from the entity are allocated only to principal;

(c)

Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and

(d)

From principal to the extent that the tax exceeds the total receipts from the entity.

(4)

After applying subsections (1) to (3) of this section, the trustee shall adjust income or principal receipts to the extent that the trust’s taxes are reduced because the trust receives a deduction for payments made to a beneficiary. [2003 c.279 §29; 2011 c.307 §3]

Source: Section 129.420 — UPIA 505. Income taxes, https://www.­oregonlegislature.­gov/bills_laws/ors/ors129.­html.

129.200
UPIA 101. Short title 129.205
UPIA 102. Definitions 129.210
UPIA 103. Fiduciary duties 129.215
UPIA 104. Trustee’s power to adjust 129.220
UPIA 105. Judicial control of discretionary power 129.225
Conversion to unitrust 129.250
UPIA 201. Determination and distribution of net income 129.255
UPIA 202. Distribution to residuary and remainder beneficiaries 129.270
UPIA 301. When right to income begins and ends 129.275
UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins 129.280
UPIA 303. Apportionment when income interest ends 129.300
UPIA 401. Character of receipts 129.305
UPIA 402. Distribution from trust or estate 129.308
UPIA 403. Business and other activities conducted by trustee 129.310
UPIA 404. Principal receipts 129.315
UPIA 405. Rental property 129.320
UPIA 406. Obligation to pay money 129.325
UPIA 407. Insurance policies and similar contracts 129.350
UPIA 408. Insubstantial allocations not required 129.355
UPIA 409. Deferred compensation, annuities and similar payments 129.360
UPIA 410. Liquidating asset 129.365
UPIA 411. Minerals, water and other natural resources 129.370
UPIA 412. Timber 129.375
UPIA 413. Property not productive of income 129.380
UPIA 414. Derivatives and options 129.385
UPIA 415. Asset-backed securities 129.400
UPIA 501. Disbursements from income 129.405
UPIA 502. Disbursements from principal 129.410
UPIA 503. Transfers from income to principal for depreciation 129.415
UPIA 504. Transfers from income to reimburse principal 129.420
UPIA 505. Income taxes 129.425
UPIA 506. Adjustments between principal and income because of taxes 129.450
UPIA 601. Uniformity of application and construction
Green check means up to date. Up to date

Current through early 2024

§ 129.420’s source at oregon​.gov