Virginia § 64.2-1039 - Definitions
Full text of Virginia Code of Virginia § 64.2-1039 — Definitions, with citation guidance and answers to common questions.
§ 64.2-1039. Definitions
As used in this article, unless the context requires a different meaning:
"Applicable value" means the amount of the net fair market value of a trust taken into account under § 64.2-1045.
"Express unitrust" means a trust for which, under the terms of the trust without regard to this article, income or net income must or may be calculated as a unitrust amount.
"Income trust" means a trust that is not a unitrust.
"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.
"Unitrust" means a trust for which net income is a unitrust amount. "Unitrust" includes an express unitrust.
"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, "unitrust amount" means the applicable value, multiplied by the unitrust rate.
"Unitrust policy" means a policy described in §§ 64.2-1043 through 64.2-1047 and adopted under § 64.2-1041.
"Unitrust rate" means the rate used to compute the unitrust amount for a unitrust administered under a unitrust policy.
2022, c. 354.
Frequently Asked Questions About Virginia § 64.2-1039
What does Code of Virginia § 64.2-1039 cover?
Section 64.2-1039 ("Definitions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 64.2-1039?
A common citation format is "Code of Virginia § 64.2-1039" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 64.2-1039 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.