{"data":{"id":"us-ar/ark.-code-ann.-28-77-301","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 28-77-301","heading":"Definitions","body":"In this subchapter:\n\n(1) \"Applicable value\" means the amount of the net fair market value of a trust taken into account under § 28-77-307 .\n\n(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.\n\n(3) \"Income trust\" means a trust that is not a unitrust.\n\n(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.\n\n(5) \"Unitrust\" means a trust for which net income is a unitrust amount. The term includes an express unitrust.\n\n(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.\n\n(7) \"Unitrust policy\" means a policy described in §§ 28-77-305 through 28-77-309 and adopted under § 28-77-303 .\n\n(8) \"Unitrust rate\" means the rate used to compute the unitrust amount under paragraph (6) for a unitrust administered under a unitrust policy.","path":["AR Code","Title 28","Chapter 77","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"db394a87b07af51f2d074e56b4d66cbfd6d44bd54b5bf21f4d78101374a099fa","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-28-77-203","next":"us-ar/ark.-code-ann.-28-77-302"},"notice":"GroundRules: Original legal text. Not legal advice."}