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The trustee correctly responds that Florida law does not specifically authorize the accretion of bond discounts and that the $90,000 redemption amount constitutes trust principal pursuant to [section]738.
Thus, the drafting attorney can provide the trustee with the authority to accrete bond discounts and to amortize bond premiums.
The amortization of bond premiums and bond discounts uses the interest method of allocation.
The question of whether to elect to amortize bond discounts should be evaluated on a taxpayer-by-taxpayer basis.
Note: Receipt of cash does not always represent all of the interest income to be reported for Federal and state income tax purposes; amortization of bond discount is also included.