§ 30-2-15-18 — Net fair market value of unitrust assets

Indiana § 30-2-15-18

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 15: Total Return Unitrusts

Text

In determining the net fair market value of
each asset held in the trust under sections 16 and 17 of this chapter, the
value of the following may not be included:
(1) Any residential property or tangible personal property that, as
of the first business day of the current valuation year, at least one
(1) income beneficiary of the trust has or had the right to:
(A) occupy; or
(B) possess or control;
other than in a capacity as trustee. However, the right of
occupancy or the right to possession or control shall be
considered to be the unitrust amount with respect to the
residential property or the tangible personal property.
(2) Any asset specifically given to a beneficiary under the terms
of the trust and the return on that investment. The return on the
investment shall be distributable to the beneficiary.
(3) Any assets that are held in a testator's estate.

Legislative History

As added by P.L.3-2003, SEC.2.