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.
‹ Prev All Florida sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.