For purposes of this section and ss. 738.302-738.310:(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under s. 738.307. (2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this section and ss. 738.302-738.310, net income must be calculated as a unitrust amount. (3) “Income trust” means a trust, created by an inter vivos or testamentary instrument, that directs or permits the trustee to distribute the net income of the trust to one or more persons, in fixed proportions or in amounts or proportions determined by the trustee and regardless of whether the trust directs or permits the trustee to distribute the principal of the trust to one or more such persons.
(4) “Net fair market value of a trust” means the fair market value of the assets of the trust, less the reasonably known 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.
(8) “Unitrust rate” means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.
