Indiana Code 30-2-15-22. Prorating unitrust amount in short year
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Sec. 22. (a) As used in this section, “short year” refers to a part of a calendar year that:
(2) ends when the interest of the current beneficiary or class of beneficiaries ends.
(1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or
Terms Used In Indiana Code 30-2-15-22
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- year: means a calendar year. See Indiana Code 30-2-15-8
(b) The trustee shall prorate the unitrust amount on a daily basis in a short year.
As added by P.L.3-2003, SEC.2.