Florida Statutes
Chapter 738 - Principal and Income
738.303 - Apportionment When Income Interest Ends.


(1) For purposes of this section, “undistributed income” means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust. In the case of a trust being administered as a unitrust under s. 738.1041, the term “undistributed income” means the prorated unitrust amount computed on a daily basis through the date on which the income interest ends.
(2) When a mandatory income interest ends, the fiduciary shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary’s share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5 percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked shall be added to principal.
(3) When a fiduciary’s obligation to pay a fixed annuity or a fixed fraction of the value of the trust’s assets ends, the fiduciary shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its grantor relating to income, gift, estate, or other tax requirements.
History.—s. 1, ch. 2002-42; s. 7, ch. 2005-85; s. 11, ch. 2012-49.

Structure Florida Statutes

Florida Statutes

Title XLII - Estates and Trusts

Chapter 738 - Principal and Income

738.101 - Short Title.

738.102 - Definitions.

738.103 - Fiduciary Duties; General Principles.

738.104 - Trustee’s Power to Adjust.

738.1041 - Total Return Unitrust.

738.105 - Judicial Control of Discretionary Powers.

738.201 - Determination and Distribution of Net Income.

738.202 - Distribution to Residuary and Remainder Beneficiaries.

738.301 - When Right to Income Begins and Ends.

738.302 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins.

738.303 - Apportionment When Income Interest Ends.

738.401 - Character of Receipts.

738.402 - Distribution From Trust or Estate.

738.403 - Business and Other Activities Conducted by Fiduciary.

738.501 - Principal Receipts.

738.502 - Rental Property.

738.503 - Obligation to Pay Money.

738.504 - Insurance Policies and Similar Contracts.

738.601 - Insubstantial Allocations Not Required.

738.602 - Payments From Deferred Compensation Plans, Annuities, and Retirement Plans or Accounts.

738.603 - Liquidating Asset.

738.604 - Minerals, Water, and Other Natural Resources.

738.605 - Timber.

738.606 - Property Not Productive of Income.

738.607 - Derivatives and Options.

738.608 - Asset-Backed Securities.

738.701 - Disbursements From Income.

738.702 - Disbursements From Principal.

738.703 - Transfers From Income to Principal for Depreciation.

738.704 - Transfers From Income to Reimburse Principal.

738.705 - Income Taxes.

738.706 - Adjustments Between Principal and Income Because of Taxes.

738.801 - Apportionment of Expenses; Improvements.

738.802 - Uniformity of Application and Construction.

738.803 - Severability.

738.804 - Application.