Florida Statutes 736.1511 – Application of Internal Revenue Code; community property classified by another jurisdiction
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 736.1511
- Community property: means the property and the appreciation of and income from the property owned by a qualified trustee of a community property trust during the marriage of the settlor spouses. See Florida Statutes 736.1502
- Community property trust: means an express trust that complies with…. See Florida Statutes 736.1502
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
For purposes of the application of s. 1014(b)(6) of the Internal Revenue Code of 1986, 26 U.S.C. § 1014(b)(6), as of January 1, 2021, a community property trust is considered a trust established under the community property laws of the state. Community property, as classified by a jurisdiction other than this state, which is transferred to a community property trust retains its character as community property while in the trust. If the trust is revoked and property is transferred on revocation of the trust, the community property as classified by a jurisdiction other than the state retains its character as community property to the extent otherwise provided by ss. 732.216–732.228.