Section 64.2-1047 - Special tax benefits; other rulesA. A unitrust policy may:1. Provide methods and standards for: a. Determining the timing of distributions;b. Making distributions in cash or in kind or partly in cash and partly in kind; orc. Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;2. 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; or3. Provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.B. If a trust qualifies for a special tax benefit or a fiduciary is not an independent person: 1. The unitrust rate established under § 64.2-1044 may not be less than three percent or more than five percent;2. The only provisions of § 64.2-1045 that apply are subsection A and subdivisions B 1, B 4, B 5 a, and B 9 of § 64.2-1045;3. The only period that may be used under § 64.2-1046 is a calendar year under subdivision A 1 of § 64.2-1046; and4. The only other provisions of § 64.2-1046 that apply are subdivisions B 2 a and B 3 of § 64.2-1046.Added by Acts 2022 c. 354,§ 1, eff. 7/1/2022.