(a) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: (1) The frequency of valuing the asset, which need not require a valuation in every period; and (2) the date for valuing the asset in each period in which the asset is valued. (b) Except as otherwise provided in K.S.A. 58-9a-309(b)(2), and amendments thereto, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including: (1) Obtaining an appraisal of an asset for which fair market value is not readily available; (2) exclusion of specific assets or groups or types of assets; (3) other exceptions or modifications of the treatment of specific assets or groups or types of assets; (4) identification and treatment of cash or property held for distribution; (5) use of: (A) An average of fair market values over a stated number of preceding periods; or (B) another mathematical blend of fair market values over a stated number of preceding periods; (6) a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over: (A) The corresponding applicable value for the preceding period; or (B) a mathematical blend of applicable values over a stated number of preceding periods; (7) a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below: (8) the treatment of accrued income and other features of an asset that affect value; and (9) determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under paragraphs (1) through (8).
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