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19-3A-411
Section 19-3A-411 Minerals, water, and other natural resources. (a) To the extent that a fiduciary
accounts for receipts from an interest in minerals or other natural resources pursuant to
this section, the fiduciary shall allocate them as follows: (1) If received as nominal delay
rental or nominal annual rent on a lease, a receipt shall be allocated to income. (2) If received
from a production payment, a receipt shall be allocated to income if and to the extent that
the agreement creating the production payment provides a factor for interest or its equivalent.
The balance shall be allocated to principal. (3) If an amount received as a royalty payment,
shut-in-well payment, take-or-pay payment, bonus, or a delay rental that is more than nominal,
then ninety percent (90%) shall be allocated to principal and the balance to income. (4) If
an amount is received from a working interest or any other interest not provided for in subdivisions
(1), (2), or (3), then ninety percent (90%) of the...
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45-17-90.06
Section 45-17-90.06 Powers and duties. The authority, or its agents and employees as directed,
may do any of the following: (1) Investigate, study, and engage in basic research relative
to the natural resources of land, water, minerals, and people in the cities and counties and
apply its findings and efforts to promote a sound and balanced agricultural, industrial, and
economic development of the cities and counties. (2) Cooperate with municipal, regional, state,
or federal planning entities or other industrial and economic development boards. (3) Publicize
and advertise the industrial, commercial, and agricultural resources and growth opportunities
of the cities and counties. (4) Collect, compile, and distribute literature concerning the
facilities, advantages, and attractions of the cities and counties, the educational, historic,
recreational, and scenic places of interest within the cities and counties, and the air, water,
and highway transportation facilities. (5) Contract with...
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45-39-92.06
Section 45-39-92.06 Powers and duties. The authority, or its agents and employees as directed,
may do any of the following: (1) Investigate, study, and engage in basic research relative
to the natural resources of land, water, minerals, and people in the cities and counties and
apply its findings and efforts to promote a sound and balanced agricultural, industrial, and
economic development of the cities and counties. (2) Cooperate with municipal, regional, state,
or federal planning entities or other industrial and economic development boards. (3) Publicize
and advertise the industrial, commercial, and agricultural resources and growth opportunities
of the cities and counties. (4) Collect, compile, and distribute literature concerning the
facilities, advantages, and attractions of the cities and counties, the educational, historic,
recreational, and scenic places of interest within the cities and counties, and the air, water,
and highway transportation facilities. (5) Contract with...
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19-3A-410
Section 19-3A-410 Liquidating assets. (a) In this section, "liquidating asset" means
an asset whose value will diminish or terminate because the asset is expected to produce receipts
for a period of limited duration. The term includes a leasehold, patent, copyright, royalty
right, and right to receive payments under an arrangement that does not provide for the payment
of interest on the unpaid balance. The term does not include a payment subject to Section
19-3A-409, natural resources subject to Section 19-3A-411, timber subject to Section 19-3A-412,
an activity subject to Section 19-3A-414, an asset subject to Section 19-3A-415, or any asset
for which the fiduciary establishes a reserve for depreciation under Section 19-3A-503. (b)
A fiduciary shall allocate to income ten percent (10%) of the receipts from a liquidating
asset and the balance to principal. (Act 2000-675, p. 1343, §1.)...
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19-3A-403
Section 19-3A-403 Business and other activities conducted by fiduciary. (a) If a fiduciary
who conducts a business or other activity determines that it is in the best interest of all
the beneficiaries to account separately for the business or other activity instead of accounting
for it as part of the trust's general accounting records, then the fiduciary may maintain
separate accounting records for its transactions, whether or not its assets are segregated
from other trust assets. (b) A fiduciary who accounts separately for a business or other activity
may determine the extent to which net cash receipts must be retained for working capital,
the acquisition or replacement of fixed assets and the other reasonably foreseeable needs
of the business or other activity, and the extent to which the remaining net cash receipts
are accounted for as principal or income in the trust's general accounting records. If a fiduciary
sells assets of the business or other activity, other than in the...
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26-2A-152
Section 26-2A-152 Powers of conservator in administration. (a) Subject to limitation provided
in Section 26-2A-154, a conservator shall have all of the powers conferred in this section
and any additional powers now or hereafter conferred by law on trustees in this state. In
addition, a conservator of the estate of an unmarried minor as to whom no one has parental
rights, has the powers of a guardian of a minor described in Section 26-2A-78 until the minor
attains the age of 19 years, or the disabilities of nonage have been removed, but the parental
rights so conferred on a conservator do not preclude appointment of a guardian as provided
in Division 1 of this article. (b) A conservator without court authorization or confirmation
may invest and reinvest funds of the estate as would a trustee. (c) A conservator, acting
as a fiduciary in efforts to accomplish the purpose of the appointment, may act without court
authorization or confirmation, to (1) Collect, hold, and retain assets of the...
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40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
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19-3A-302
Section 19-3A-302 Apportionment of receipts and disbursements upon decedent's death or when
income interest begins. (a) A fiduciary shall allocate an income receipt or disbursement,
other than one to which Section 19-3A-201(a) applies, to principal in the following instances:
(1) In the case of a decedent's estate, if its due date occurs before the date of a decedent's
death; or (2) In the case of a trust or successive income interest, if its due date occurs
before an income interest begins. (b) A fiduciary shall allocate an income receipt or disbursement
to income if its due date occurs on or after the date on which a decedent dies or an income
interest begins and it is a periodic due date. An income receipt or disbursement shall be
treated as accruing from day to day if its due date is not periodic or if it has no due date.
The portion of the receipt or disbursement accruing before the date on which a decedent dies
or an income interest begins shall be allocated to principal and the...
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40-23-35
Section 40-23-35 Disposition of revenues from tax. (a) Such amount of money as shall be appropriated
for each fiscal year by the Legislature to the Department of Revenue with which to pay the
salaries, the cost of operation and management of the department shall be deducted, as a first
charge thereon, from the taxes collected under the provisions of this division; provided,
that the expenditure of the sum so appropriated shall be budgeted and allotted pursuant to
Article 4 of Chapter 4 of Title 41, and limited to the amount appropriated to defray the expenses
of operating the department for each fiscal year. After the payment of the expenses, so much
of the amount remaining as may be necessary, after first applying all sums of money received
by reason of the application of the surplus in the income tax as provided by Section 40-18-58,
for the replacement in the public school fund of the three-mill constitutional levy for schools
and in the General Fund of the one-mill levy for...
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40-23-4
Section 40-23-4 Exemptions. (a) There are exempted from the provisions of this division and
from the computation of the amount of the tax levied, assessed, or payable under this division
the following: (1) The gross proceeds of the sales of lubricating oil and gasoline as defined
in Sections 40-17-30 and 40-17-170 and the gross proceeds from those sales of lubricating
oil destined for out-of-state use which are transacted in a manner whereby an out-of-state
purchaser takes delivery of such oil at a distributor's plant within this state and transports
it out-of-state, which are otherwise taxed. (2) The gross proceeds of the sale, or sales,
of fertilizer when used for agricultural purposes. The word "fertilizer" shall not
be construed to include cottonseed meal, when not in combination with other materials. (3)
The gross proceeds of the sale, or sales, of seeds for planting purposes and baby chicks and
poults. Nothing herein shall be construed to exempt or exclude from the computation of...
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