(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under
(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this part
3, 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.
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