Utah Code 22-3-301. Definitions
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In this part:
(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under Section 22-3-307.
Terms Used In Utah Code 22-3-301
- 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.
(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to be calculated as a unitrust amount.
(3) “Income trust” means a trust that is not a unitrust.
(4) “Net fair market value of a trust” means the fair market value of the assets of the trust minus the noncontingent liabilities of the trust.
(5)
(5)(a) “Unitrust” means a trust for which net income is a unitrust amount.
(5)(b) “Unitrust” includes an express unitrust.
(6) “Unitrust amount” means:
(6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and
(6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate.
(7) “Unitrust policy” means a policy described in Sections 22-3-305 through 22-3-309 and adopted under Section 22-3-303.
(8) “Unitrust rate” means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy.