738.310 Other rules.
74 words·~1 min read·
/fl/title-xlii/chapter-738/738-310·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.