C.R.S. § 15-1.2-301 Definitions

• Library: Colorado Statutes
• Edition: 2023
• Currency: Current through 2023 Regular and 1st Extraordinary Session
• Year: 2023
• Citation: C.R.S. § 15-1.2-301

In this part 3:

(1) "Applicable value" means the amount of the net fair market value of a trust taken into account under section 15-1.2-307.

(2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this part 3, 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.