1. 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:
(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 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 of contract and applying the rules in paragraphs (a) and (b); or
(d) To principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to paragraph (a), (b) or (c).
2. In determining net receipts to be allocated pursuant to subsection 1, a trustee shall deduct and transfer to principal a reasonable amount for depletion.
3. NRS 164.780 to 164.925, inclusive, apply 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 October 1, 2003, the trustee may allocate net receipts from the sale of timber and related products as provided in NRS 164.780 to 164.925, inclusive, or in the manner used by the trustee before October 1, 2003. If the trust acquires an interest in timberland after October 1, 2003, the trustee shall allocate net receipts from the sale of timber and related products as provided in NRS 164.780 to 164.925, inclusive.
(Added to NRS by 2003, 1978)
Structure Nevada Revised Statutes
Chapter 164 - Administration of Trusts
NRS 164.030 - Petition for instructions: Notice; hearing; final order; appeal.
NRS 164.037 - Petitions: Notice and hearing.
NRS 164.043 - Expenses and compensation of trustees.
NRS 164.067 - Power to sell, convey or encumber.
NRS 164.080 - Establishment; investments; management.
NRS 164.100 - Uniformity of interpretation.
NRS 164.130 - Transfer by court to district court in this State or court outside Nevada.
NRS 164.400 - Presentation; effect; form.
NRS 164.430 - Reliance upon facts contained in certification; enforceability.
NRS 164.440 - Failure to demand certification not improper act; liability.
NRS 164.645 - "Charitable purpose" defined.
NRS 164.647 - "Endowment fund" defined.
NRS 164.650 - "Gift instrument" defined.
NRS 164.653 - "Institution" defined.
NRS 164.655 - "Institutional fund" defined.
NRS 164.657 - "Person" defined.
NRS 164.660 - "Program-related asset" defined.
NRS 164.663 - "Record" defined.
NRS 164.665 - Standard of conduct in managing and investing institutional fund.
NRS 164.670 - Delegation of management and investment functions.
NRS 164.673 - Release or modification of restrictions on management, investment or purpose.
NRS 164.675 - Reviewing compliance.
NRS 164.677 - Relation to Electronic Signatures in Global and National Commerce Act.
NRS 164.680 - Uniformity of application and construction.
NRS 164.715 - Acting in interest of beneficiaries.
NRS 164.720 - Trust having two or more beneficiaries; impartial administration of trust or estate.
NRS 164.750 - Diversification of investments.
NRS 164.760 - Incurring costs.
NRS 164.765 - Determination of compliance with prudent investor rule.
NRS 164.775 - Terms and language of trust which authorize certain investments or strategies.
NRS 164.797 - Administration of unitrust: Duties of trustee; valuation of assets of trust.
NRS 164.798 - Administration of unitrust: Powers of trustee; manner of distributions.
NRS 164.800 - Applicable rules after death of decedent or end of income interest in trust.
NRS 164.835 - Accounting separately for business or other activity.
NRS 164.840 - Allocation of assets, money, property and other receipts to principal.
NRS 164.870 - Allocation of receipts from liquidating assets to income and principal.
NRS 164.905 - Disbursements required to be made from principal.
NRS 164.915 - Transfer of amount from income to principal to make certain principal disbursements.
NRS 164.920 - Payment of taxes required to be paid by trustee.
NRS 164.960 - Applicability of NRS 111.781 to transfers of property made pursuant to trust.