Ark. Code Ann. § 28-77-301: Definitions

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.