(1) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
(a) if received as a nominal bonus, nominal delay rental, or nominal annual rent on a lease, a receipt must be allocated to income;
(b) if received from a production payment, a receipt must 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 must be allocated to principal.
(c) if an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 15% must be allocated to principal and the balance to income; and
(d) if an amount is received from a working interest or any other interest in mineral or other natural resources not described in subsection (1)(a), (1)(b), or (1)(c), 15% of the net amount received must be allocated to principal and the balance to income.
(2) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 15% of the amount must be allocated to principal and the balance to income.
(3) This part applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.