{"data":{"id":"us-va/va.-code-64.2-1047","jurisdiction":"us-va","citation":"Va. Code § 64.2-1047","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; 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 § 64.2-1046.2022, c. 354.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 10.1. Uniform Fiduciary Income And Principal Act","Article 3. Unitrust"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-1047/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"04ee88099ec0fa24b7e0ce19512cd738d39a4de207eb4732a52a7fcbb088bafa","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-1046","next":"us-va/va.-code-64.2-1048"},"notice":"GroundRules: Original legal text. Not legal advice."}