Arkansas § 28-77-301 Definitions

Arkansas Statutes

§ 28-77-301 — Definitions

Arkansas § 28-77-301

Title28

This text of Arkansas § 28-77-301 (Definitions) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 28-77-301 (2026).

Text

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 pol

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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.