Florida Statutes 738.310 – Other rules
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Terms Used In Florida Statutes 738.310
- Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Florida Statutes 738.102
- Trust: includes an express trust, whether private or charitable, with additions to the trust, wherever and however created; and a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. See Florida Statutes 738.102
Following the conversion of an income trust to a unitrust, the trustee shall consider the unitrust amount as paid from the following sources, which are listed in order of priority:
(1) Net accounting income determined under this chapter as if the trust were not a unitrust;
(2) Ordinary income not allocable to net accounting income;
(3) Net realized short-term capital gains;
(4) Net realized long-term capital gains; and
(5) The principal of the trust.