Utah Code 22-3-309. Special tax benefits — Other rules
Current as of: 2024 | Check for updates
|
Other versions
(1) A unitrust policy may:
Terms Used In Utah Code 22-3-309
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(1)(a) provide methods and standards for:(1)(a)(i) determining the timing of distributions;(1)(a)(ii) making distributions in cash or in kind or partly in cash and partly in kind; or(1)(a)(iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;(1)(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(1)(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:
(2)(a) the unitrust rate established under Section 22-3-306 may not be less than 3% or more than 5%;
(2)(b) the only provisions of Section 22-3-307 that apply are Subsections 22-3-307(1) and (2)(a), (d), (e)(i), and (i);
(2)(c) the only period that may be used under Section 22-3-308 is a calendar year under Subsection 22-3-308(1); and
(2)(d) the only other provisions of Section 22-3-308 that apply are Subsection 22-3-308(2)(b)(i) and (c).