There is a newer version of the South Dakota Codified Laws
2006 South Dakota Code - 55-15-8 — Unitrust amount as net income of trust--Allocation of capital gains to trust income.
55-15-8. Unitrust amount as net income of trust--Allocation of capital gains to trust income. Following the conversion of an income trust to a total return unitrust, the trustee:
(1) Shall treat the unitrust amount as if
it were net income of the trust for purposes of determining the
amount available, from time to time, for distributions from the
trust; and
(2) May allocate to trust income for each
taxable year of the trust (or portions thereof) (i) net short-term
capital gain described in I.R.C. section 1222(5) for such year (or
portion thereof) but only to the extent that the amounts so
allocated together with all other amounts allocate to trust income
for such year (or portion thereof) does not exceed the unitrust
amount for such year (or portion thereof); and (ii) net long-term
capital gain described in I.R.C. section 1222(7) for such year (or
portion thereof) but only to the extent that the amount so
allocated together with all other amounts, including amounts
described in clause (i) above, allocated to trust income for such
year (or portion thereof) does not exceed the unitrust amount for
such year (or portion thereof).
Source: SL 2002, ch 225, § 8.
Source: SL 2002, ch 225, § 8.
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