30-2-15-25. Paying the Unitrust Amount
Sec. 25. (a) Except as provided in subsection (b), and unless otherwise provided by the governing instrument, the unitrust amount shall be considered to have been paid from net income. The net income of the trust shall be determined as if the trust were not a unitrust. (b) To the extent that: (1) net income […]
30-2-15-26. Immunity of Trustee
Sec. 26. (a) A trustee who in good faith acts or fails to act under section 9 of this chapter is not liable to any person affected by the action or inaction, regardless of whether the person: (1) received written notice as provided in section 10 of this chapter; and (2) was under legal disability […]
30-2-15-19. Trustee Powers
Sec. 19. (a) The trustee may exclude any assets for which the fair market value is not readily determinable from the determination of net fair market value of trust assets. However, the terms of the trust continue to apply to these assets. (b) The trustee may determine any other matter necessary for the proper functioning […]
30-2-15-20. Prohibited Reduction in Unitrust Amount
Sec. 20. The unitrust amount may not be reduced for expenses that would be deducted from income if the trust were not a total return unitrust. As added by P.L.3-2003, SEC.2.
30-2-15-6. “Unitrust Amount”
Sec. 6. As used in this chapter, “unitrust amount” means an amount computed as a percentage of the fair market value of the trust as set forth in this chapter. As added by P.L.3-2003, SEC.2.
30-2-15-21. Adjusting Net Fair Market Values of Assets
Sec. 21. For purposes of section 16 of this chapter, the net fair market values of the assets held in trust on the first business day of a proper valuation year shall be adjusted to reflect any: (1) reduction, in the case of a distribution or payment; or (2) increase, in the case of a […]
30-2-15-7. “Unitrust Rate”
Sec. 7. As used in this chapter, “unitrust rate” means the percentage of the fair market value of the trust that is determined under section 15 of this chapter and used to calculate the unitrust amount. As added by P.L.3-2003, SEC.2.
30-2-15-22. Prorating Unitrust Amount in Short Year
Sec. 22. (a) As used in this section, “short year” refers to a part of a calendar year that: (1) begins when the interest of the current beneficiary or class of current beneficiaries begins; or (2) ends when the interest of the current beneficiary or class of beneficiaries ends. (b) The trustee shall prorate the […]
30-2-15-8. “Year”
Sec. 8. As used in this chapter, “year” means a calendar year. As added by P.L.3-2003, SEC.2.
30-2-15-23. Unitrust Amount’s Satisfying Tax Law Requirement of Preserving Tax Benefit
Sec. 23. (a) This section applies to the following trusts: (1) A trust for which a marital deduction has been taken for federal tax purposes during the lifetime of the spouse for whom the trust was created under Section 2056 or 2523 of the Internal Revenue Code. (2) A trust to which the generation-skipping transfer […]