91-17-23 - Other property subject to depletion.
§ 91-17-23. Other property subject to depletion.
Except as provided in Sections 91-17-19 and 91-17-21, if the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, and rights to receive payments on a contract for deferred compensation, receipts from the property, not in excess of five per cent (5%) per year of its inventory value, are income, and the balance is principal.
Sources: Codes, 1942, § 672-181; Laws, 1966, ch. 371, § 11, eff from and after January 1, 1967.