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Texas Health and Safety Code - HEALTH & SAFETY § 712.0357. Nature of Total Return Distributions

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) A distribution from a total return fund is considered a distribution of all income of the fund that reasonably apportions the total return of the fund, and may not be considered a fundamental departure from applicable state law.

(b) Unless the trust instrument provides otherwise, the trustee of a total return fund shall treat a distribution as first being made from the following sources in order of priority:

(1) from net accounting income;

(2) from ordinary accounting income not allocable to net accounting income;

(3) from net realized short-term capital gains;

(4) from net realized long-term capital gains; and

(5) from the principal of the fund.

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Cite this article: FindLaw.com - Texas Health and Safety Code - HEALTH & SAFETY § 712.0357. Nature of Total Return Distributions - last updated January 01, 2024 | https://codes.findlaw.com/tx/health-and-safety-code/health-safety-sect-712-0357/

Read this complete Texas Health and Safety Code - HEALTH & SAFETY § 712.0357. Nature of Total Return Distributions on Westlaw. Westlaw subscription required.

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