Michigan Laws 14.272 – Definitions
Current as of: 2023 | Check for updates
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As used in this act:
(a) “IRC” means the internal revenue code of 1954 as in effect on January 1, 1970.
Terms Used In Michigan Laws 14.272
- IRC: means the internal revenue code of 1954 as in effect on January 1, 1970. See Michigan Laws 14.272
- Trust: means an express trust created by a trust instrument, including a will. See Michigan Laws 14.272
(b) “Private foundation trust” means a trust, including a trust described in section 4947(a)(1) of the IRC, as defined in section 509(a) of the IRC.
(c) “Public charitable organization” means an organization described in section 509(a)(1), (2) or (3) of the IRC and exempt from tax under section 501(a) of the IRC.
(d) “Split interest trust” means a trust for individual and charitable beneficiaries that is subject to section 4947(a)(2) of the IRC.
(e) “Trust” means an express trust created by a trust instrument, including a will.
(f) “Trustee” means the trustee or person possessing a power referred to in this act.