Florida § 738.408 - Insubstantial allocation not required.
Full text of Florida Florida Statutes § 738.408 — Insubstantial allocation not required., with citation guidance and answers to common questions.
§ 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. (3) The power to make a determination under subsection (1) may be: (a) Exercised by a cofiduciary in the manner described in s. 738.203(6); or (b) Released or delegated for a reason described in s. 738.203(7) and in the manner described in s. 738.203(8).
Frequently Asked Questions About Florida § 738.408
What does Florida Statutes § 738.408 cover?
Section 738.408 ("Insubstantial allocation not required.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 738.408?
A common citation format is "Florida Statutes § 738.408" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 738.408 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.