Find Laws Find Lawyers Free Legal Forms USA State Laws

MICHIGAN STATUTES AND CODES

Section 555.812 - Net receipts from sale of timber; allocations.

UNIFORM PRINCIPAL AND INCOME ACT (EXCERPT)
Act 159 of 2004

555.812 Net receipts from sale of timber; allocations.

Sec. 412.

(1) Except as provided in subsection (4), to the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts as follows:

(a) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest.

(b) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber.

(c) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in subdivisions (a) and (b).

(d) To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subdivision (a), (b), or (c).

(2) In determining net receipts to be allocated pursuant to subsection (1), a trustee may deduct and transfer to principal a reasonable amount for depletion.

(3) This act applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.

(4) If a trust owns an interest in timberland on the effective date of this act, the trustee may allocate net receipts from the sale of timber and related products as provided in this act or in the manner used by the trustee before the effective date of this act. If the trust acquires an interest in timberland after the effective date of this act, the trustee shall allocate net receipts from the sale of timber and related products as provided in this act.


History: 2004, Act 159, Eff. Sept. 1, 2004

Michigan Forms by Issue

Michigan Abortion Forms
Michigan Adoption Forms
Michigan Appeals Forms
Michigan Business Forms
Michigan Child Support Agency Forms
Michigan Children/Juvenile Forms
Michigan Court Forms
> Criminal
> DUI
> Probate
> Traffic
> Case Evaluation
> Civil (County)
> Civil (District)
> Claims
> Dispute
> Forfeiture
> Garnishment
> Personal Protection
> Probation
> Small Claims
> Substance Abuse
Michigan Emancipation Forms
Michigan Family Forms
Michigan Foreclosure Forms
Michigan Guardianship Forms
Michigan Gun Forms
Michigan Landlord/Tenant Forms
Michigan Marriage Forms
Michigan Name Change Forms
Michigan Other Forms
Michigan Tax Forms

Michigan Law

Michigan State Laws
    > Michigan Child Support
    > Michigan Gun Laws
    > Michigan Statutes
Michigan Court
    > Michigan Court of Appeals
Michigan Tax
    > Michigan State Tax
Michigan Labor Laws
    > Unemployment Michigan
Michigan State
    > Michigan Counties
    > Michigan Zip Codes
Michigan Agencies
    > Department of Human Services Michigan
    > Michigan Department of Corrections
    > Michigan Department of Education
    > Michigan State Police
    > Secretary of State Michigan

Michigan Court Map

Tips