Section 15-1.2-301 - DefinitionsIn this part 3:
(1) "Applicable value" means the amount of the net fair market value of a trust taken into account under section 15-1.2-307.(2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this part 3, income or net income must or may be calculated as a unitrust amount.(3) "Income trust" means a trust that is not a unitrust.(4) "Net fair market value of a trust" means the fair market value of the assets of the trust, less the noncontingent liabilities of the trust.(5) "Unitrust" means a trust for which net income is a unitrust amount. The term includes an express unitrust.(6) "Unitrust amount" means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, the term means the applicable value, multiplied by the unitrust rate.(7) "Unitrust policy" means a policy described in sections 15-1.2-305 through 15-1.2-309 and adopted under section 15-1.2-303.(8) "Unitrust rate" means the rate used to compute the unitrust amount under subsection (6) of this section for a unitrust administered under a unitrust policy.Added by 2021 Ch. 143, § 1, eff. 1/1/2022.