South Dakota Codified Laws 55-13-11. Other property subject to depletion
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Except as provided in §§ 55-13-9 and 55-13-10, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess of five percent per year of its inventory value, are income, and the balance is principal.
Terms Used In South Dakota Codified Laws 55-13-11
- Contract: A legal written agreement that becomes binding when signed.
- Inventory value: means the cost of property purchased by the trustee and the market value of other property at the time it became subject to the trust, but in the case of a testamentary trust the trustee may use any value finally determined for the purposes of an estate or inheritance tax. See South Dakota Codified Laws 55-13-1
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1984, ch 323, § 11.