§ 64.2-1039 Definitions
As used in this article, unless the context requires a different meaning: “Applicable value” means the amount of the net fair market value of a trust taken into account under § 64.2-1045. “Express unitrust” means a trust for which, under the terms of the trust without regard to this article, income or net income must or may be calculated as a unitrust amount. “Income trust” means a trust that is not a unitrust. “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. “Unitrust” means a trust for which net income is a unitrust amount. “Unitrust” includes an express unitrust. “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, “unitrust amount” means the applicable value, multiplied by the unitrust rate. “Unitrust policy” means a policy described in §§ 64.2-1043 through 64.2-1047 and adopted under § 64.2-1041. “Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.
History
This law was first created in 2022. The record of its establishment is cataloged in chapter 354 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2022, c. 354.