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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) 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; or
(C) 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; or
(3) 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 K.S.A. 58-9a-306, and amendments thereto, may not be less than 3% or more than 5%;
(2) the only provisions of K.S.A. 58-9a-307 that apply are K.S.A. 58-9a-307(a) and (b)(1), (4), (5)(A) and (9), and amendments thereto;
(3) the only period that may be used under K.S.A. 58-9a-308 is a calendar year under K.S.A. 58-9a-308(a)(1), and amendments thereto; and
(4) the only other provisions of K.S.A. 58-9a-308 that apply are K.S.A. 58-9a-308(b)(2)(A) and (3), and amendments thereto.
Cite this article: FindLaw.com - Kansas Statutes Chapter 58. Personal and Real Property § 58-9a-309. Special tax benefits; other rules - last updated January 01, 2025 | https://codes.findlaw.com/ks/chapter-58-personal-and-real-property/ks-st-sect-58-9a-309/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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