Utah Code 75A-5-301. Definitions for part
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As used in this part:
(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under Section 75A-5-307 .
Terms Used In Utah Code 75A-5-301
- 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 - Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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. See Utah Code 75A-5-301
- 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.
- Net income: includes an adjustment from principal to income under Section
75A-5-203 . See Utah Code 75A-5-102 - 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- Unitrust rate: means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy. See Utah Code 75A-5-301
(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 Sections75A-5-305 through75A-5-309 and adopted under Section75A-5-303 .(8) “Unitrust rate” means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy.