Utah Code 75A-5-307. Applicable value
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(1) A unitrust policy shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:
Terms Used In Utah Code 75A-5-307
- Applicable value: means the amount of the net fair market value of a trust taken into account under Section
75A-5-307 . See Utah Code 75A-5-301 - Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
- 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.
- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Trust: includes :(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102
- Unitrust: includes an express unitrust. See Utah Code 75A-5-301
- 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. See Utah Code 75A-5-301- Unitrust policy: means a policy described in Sections
75A-5-305 through75A-5-309 and adopted under Section75A-5-303 . See Utah Code 75A-5-301(1)(a) the frequency of valuing the asset, which need not require a valuation in every period; and(1)(b) the date for valuing the asset in each period that the asset is valued.(2) Except as otherwise provided in Subsection75A-5-309 (2)(b), a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:(2)(a) obtaining an appraisal of an asset for which fair market value is not readily available;(2)(b) exclusion of specific assets or groups or types of assets;(2)(c) other exceptions or modifications of the treatment of specific assets or groups or types of assets;(2)(d) identification and treatment of cash or property held for distribution;(2)(e) use of:(2)(e)(i) an average of fair market values over a stated number of preceding periods; or(2)(e)(ii) another mathematical blend of fair market values over a stated number of preceding periods;(2)(f) a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:(2)(f)(i) the corresponding applicable value for the preceding period; or(2)(f)(ii) a mathematical blend of applicable values over a stated number of preceding time periods;(2)(g) a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:(2)(g)(i) the corresponding applicable value for the preceding period; or(2)(g)(ii) a mathematical blend of applicable values over a stated number of preceding periods;(2)(h) the treatment of accrued income and other features of an asset that affect value; and(2)(i) determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under Subsections (2)(a) through (h).