738.402 – Distribution From Trust or Estate.
738.402 Distribution from trust or estate.—A fiduciary shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest and allocate to principal an amount received as a distribution of principal from such a trust or estate. If […]
738.403 – Business and Other Activities Conducted by Fiduciary.
738.403 Business and other activities conducted by fiduciary.— (1) If a fiduciary who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for the business or activity as part of the trust’s or estate’s general accounting records, […]
738.501 – Principal Receipts.
738.501 Principal receipts.—A fiduciary shall allocate to principal: (1) To the extent not allocated to income under this chapter, assets received from a donor during the donor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payor under a contract naming the trust, estate, or fiduciary as beneficiary. (2) Money or other property received […]
738.502 – Rental Property.
738.502 Rental property.—If a fiduciary accounts for receipts from rental property pursuant to this section, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit […]
738.503 – Obligation to Pay Money.
738.503 Obligation to pay money.— (1) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium. (2) Except as otherwise provided herein, a fiduciary […]
738.504 – Insurance Policies and Similar Contracts.
738.504 Insurance policies and similar contracts.— (1) Except as otherwise provided in subsection (2), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust, estate, or fiduciary is named as beneficiary, including a contract that insures the trust, estate, or fiduciary against loss for damage to, destruction […]
738.601 – Insubstantial Allocations Not Required.
738.601 Insubstantial allocations not required.—If a fiduciary determines that an allocation between principal and income required by s. 738.602, s. 738.603, s. 738.604, s. 738.605, or s. 738.608 is insubstantial, the fiduciary may allocate the entire amount to principal unless one of the circumstances described in s. 738.104(3) applies to the allocation. This power may be […]
738.602 – Payments From Deferred Compensation Plans, Annuities, and Retirement Plans or Accounts.
738.602 Payments from deferred compensation plans, annuities, and retirement plans or accounts.— (1) As used in this section, the term: (a) “Fund” means a private or commercial annuity, an individual retirement account, an individual retirement annuity, a deferred compensation plan, a pension plan, a profit-sharing plan, a stock-bonus plan, an employee stock-ownership plan, or another similar arrangement in […]
738.603 – Liquidating Asset.
738.603 Liquidating asset.— (1) For purposes of this section, the term “liquidating asset” means an asset the value of which will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments for more than 1 year […]
738.604 – Minerals, Water, and Other Natural Resources.
738.604 Minerals, water, and other natural resources.— (1) If a fiduciary accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the fiduciary shall allocate such receipts as follows: (a) If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income. (b) If received […]