In this subchapter:(1) 'Applicable value' means the amount of the net fair market value of a trust taken into account under § 28-77-307.(2) 'Express unitrust' means a trust for which, under the terms of the trust without regard to this subchapter, income or net income must or may 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, less the noncontingent liabilities of the trust.(5) 'Unitrust' means a trust for which net income is a unitrust amount. The term includes an express unitrust.(6) '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.(7) 'Unitrust policy' means a policy described in §§ 28-77-305 through 28-77-309 and adopted under § 28-77-303.(8) 'Unitrust rate' means the rate used to compute the unitrust amount under paragraph (6) for a unitrust administered under a unitrust policy.Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Arkansas Legal Code