RS 2154 - Other property subject to depletion
Except as provided in R.S. 9:2152 and 9:2153, if the principal consists of property subject to depletion, receipts from the property not in excess of five percent of its inventory value are income, and the balance is principal.
NOTE: §2154 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021.
RS 2154 - Other property subject to depletion
A. Except as provided in R.S. 9:2152 and 2153, if the principal consists of property subject to depletion, the receipts shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as those entitled to principal.
B. An allocation of a receipt under this Section is presumed to be reasonable and equitable if ninety percent is allocated to principal and ten percent to income. Any other allocation shall not be presumed to be unreasonable or inequitable.
Amended by Acts 2020, No. 17, §1, eff. Jan. 1, 2021.