Section 75A-5-309 - Special tax benefits - Other rules(1) A unitrust policy may: (a) provide methods and standards for: (i) determining the timing of distributions;(ii) making distributions in cash or in kind or partly in cash and partly in kind; or(iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;(b) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or(c) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.(2) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person: (a) the unitrust rate established under Section 75A-5-306 may not be less than 3% or more than 5%;(b) the only provisions of Section 75A-5-307 that apply are Subsections 75A-5-307(1) and (2)(a), (d), (e)(i), and (i);(c) the only period that may be used under Section 75A-5-308 is a calendar year under Subsection 75A-5-308(1); and(d) the only other provisions of Section 75A-5-308 that apply are Subsections 75A-5-308(2)(b)(i) and (c).Renumbered from § 22-3-309 and amended by Chapter 364, 2024 General Session ,§ 145, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 13, eff. 7/1/2020.Added by Chapter 495, 2019 General Session ,§ 16, eff. 7/1/2020.