Indiana Code 30-2-15-16. Unitrust amount; initial two years of trust
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Terms Used In Indiana Code 30-2-15-16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- current valuation year: means the year of the trust for which the unitrust amount is being determined. See Indiana Code 30-2-15-1
- total return unitrust: means an income trust that has been converted to a total return unitrust in accordance with this chapter. See Indiana Code 30-2-15-4
- unitrust amount: means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. See Indiana Code 30-2-15-6
- unitrust rate: means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. See Indiana Code 30-2-15-7
- year: means a calendar year. See Indiana Code 30-2-15-8
Sec. 16. For the first two (2) years of the trust or the first two (2) years after the conversion to a total return unitrust under this chapter, the unitrust amount for a current valuation year of the trust must be the product of the unitrust rate multiplied by the net fair market values of the assets held in the trust on the first business day of the current valuation year.
As added by P.L.3-2003, SEC.2.