South Dakota § 55-15-8 Unitrust amount as net income of trust--Allocation of capital gains to trust income.

South Dakota Statutes

§ 55-15-8 — Unitrust amount as net income of trust--Allocation of capital gains to trust income.

South Dakota § 55-15-8

Title 55FIDUCIARIES AND TRUSTS

Ch. 55-14ATOTAL RETURN UNITRUSTS

This text of South Dakota § 55-15-8 (Unitrust amount as net income of trust--Allocation of capital gains to trust income.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 55-15-8 (2026).

Text

Following the conversion of an income trust to a total return unitrust, the trustee:

(1)Shall treat the unitrust amount as the 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):

(a)Net short - term capital gain described in 26 U.S.C. § 1222(5), as amended and in effect on January 1, 2023, 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 (b) Net long - term capital gain described in 26 U.S.C. § 1222(7), as

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Following the conversion of an income trust to a total return unitrust, the trustee: (1) Shall treat the unitrust amount as the 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): (a) Net short - term capital gain described in 26 U.S.C. § 1222(5), as amended and in effect on January 1, 2023, 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 (b) Net long - term capital gain described in 26 U.S.C. § 1222(7), as amended and in effect on January 1, 2023, 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 subsection (a) above, allocated to trust income for such year (or portion thereof) does not exceed the unitrust amount for such year (or portion thereof).