Kansas Statutes 58-9a,301. Definitions related to unitrusts
Terms Used In Kansas Statutes 58-9a,301
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
In Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto:
(a) “Applicable value” means the amount of the net fair market value of a trust taken into account under Kan. Stat. Ann. 2023 Supp. 58-9a-307, and amendments thereto.
(b) “Express unitrust” means a trust for which, under the terms of the trust without regard to Kan. Stat. Ann. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, income or net income must or may be calculated as a unitrust amount.
(c) “Income trust” means a trust that is not a unitrust.
(d) “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.
(e) “Unitrust” means a trust for which net income is a unitrust amount. The term includes an express unitrust.
(f) “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.
(g) “Unitrust policy” means a policy described in Kan. Stat. Ann. 2023 Supp. 58-9a-305 through 58-9a-309, and amendments thereto, and adopted under Kan. Stat. Ann. 2023 Supp. 58-9a-303, and amendments thereto.
(h) “Unitrust rate” means the rate used to compute the unitrust amount under subsection (f) for a unitrust administered under a unitrust policy.