{"data":{"id":"us-ar/ark.-code-ann.-28-77-309","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 28-77-309","heading":"Special tax benefits - Other rules","body":"(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 § 28-77-306 may not be less than three percent or more than five percent; (2) the only provisions of § 28-77-307 which apply are § 28-77-307(a) and § 28-77-307(b)(1) , § 28-77-307(b)(4) , § 28-77-307(b)(5)(A) , and § 28-77-307(b)(9) ; (3) the only period that may be used under § 28-77-308 is a calendar year under § 28-77-308(a)(1) ; and (4) the only other provisions of § 28-77-308 which apply are § 28-77-308(b)(2)(A) and § 28-77-308(b)(3) . Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.\n\n(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.\n\n(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;\n\n(A) determining the timing of distributions;\n\n(B) making distributions in cash or in kind or partly in cash and partly in kind; or\n\n(C) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;\n\n(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\n\n(3) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.\n\n(b) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person: (1) the unitrust rate established under § 28-77-306 may not be less than three percent or more than five percent; (2) the only provisions of § 28-77-307 which apply are § 28-77-307(a) and § 28-77-307(b)(1) , § 28-77-307(b)(4) , § 28-77-307(b)(5)(A) , and § 28-77-307(b)(9) ; (3) the only period that may be used under § 28-77-308 is a calendar year under § 28-77-308(a)(1) ; and (4) the only other provisions of § 28-77-308 which apply are § 28-77-308(b)(2)(A) and § 28-77-308(b)(3) .\n\n(1) the unitrust rate established under § 28-77-306 may not be less than three percent or more than five percent;\n\n(2) the only provisions of § 28-77-307 which apply are § 28-77-307(a) and § 28-77-307(b)(1) , § 28-77-307(b)(4) , § 28-77-307(b)(5)(A) , and § 28-77-307(b)(9) ;\n\n(3) the only period that may be used under § 28-77-308 is a calendar year under § 28-77-308(a)(1) ; and\n\n(4) the only other provisions of § 28-77-308 which apply are § 28-77-308(b)(2)(A) and § 28-77-308(b)(3) .","path":["AR Code","Title 28","Chapter 77","Subchapter 3"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"2ffce6373c0999626f4ab1581a891c4dabe1e66ed91c6031843dfc2e1da162b1","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-28-77-308","next":"us-ar/ark.-code-ann.-28-77-501"},"notice":"GroundRules: Original legal text. Not legal advice."}