Indiana Code 30-2-15-23. Unitrust amount’s satisfying tax law requirement of preserving tax benefit
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Sec. 23. (a) This section applies to the following trusts:
(2) A trust to which the generation-skipping transfer tax due under Section 2601 of the Internal Revenue Code does not apply by reason of any effective date or transition rule.
(1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code.
Terms Used In Indiana Code 30-2-15-23
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- 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
(b) To the extent necessary to satisfy a tax law requirement or to preserve a tax benefit, the unitrust amount may not be less than the net income of the trust. Net income of the trust shall be determined as if the trust were not a unitrust.
As added by P.L.3-2003, SEC.2.