(a) An "express total return unitrust" means a trust that has a governing instrument requiring the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust's assets, valued at least annually. (b) "Code" means the Internal Revenue Code as described in G.S. 37A-1-104.1(1). (c) "Treasury regulations" means the treasury regulations described in G.S. 37A-1-104.1(9a).
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