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2024 Florida Statutes
SECTION 408
Insubstantial allocation not required.
Insubstantial allocation not required.
738.408 Insubstantial allocation not required.—
(1) If a fiduciary determines that an allocation between income and principal required by s. 738.409, s. 738.410, s. 738.411, s. 738.412, or s. 738.415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless s. 738.203(5) applies to the allocation.
(2) A fiduciary may presume an allocation is insubstantial under subsection (1) if:
(a) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; and
(b) The asset producing the receipt to be allocated has a carrying value less than 10 percent of the total carrying value of the assets owned or held by the fiduciary at the beginning of the accounting period.
History.—s. 27, ch. 2024-216.