Notwithstanding the other provisions of this chapter, if a charitable remainder unitrust, as defined in 26 U.S.C. 664 (Internal Revenue Code), owns an obligation described in (2) of this section, the following rules apply, unless varied by the governing instrument:
(1) an obligation for the payment of money is principal at its inventory value except as provided in (2) of this section; the trustee may not make a provision for amortization of a premium or for accumulation for discount;
(2) except to the extent otherwise provided in the governing instrument, an increase in the value of the following above inventory value is distributable as income:
(A) a zero coupon bond;
(B) an annuity contract before annuitization;
(C) a life insurance contract before the death of the insured;
(D) an interest in a common trust fund; in this subparagraph, “common trust fund” has the meaning given in 26 U.S.C. 584 (Internal Revenue Code);
(E) an interest in a limited liability company, limited liability partnership, or limited partnership; and
(F) another obligation for the payment of money if the money is payable at a future time under a fixed, variable, or discretionary schedule of appreciation and if the payment exceeds the price at which the obligation was issued;
(3) the increase in value of the obligations described in (2) of this section is distributable to the beneficiary who was the income beneficiary at the time of the increase; the increase is distributable from the first cash available from the principal or, if cash is not available from the principal, when cash is first available from the principal due to a sale, a redemption, or another disposition; when an unrealized increase is distributed as income from principal, the principal shall be reimbursed when the increase is realized;
(4) the increase in value of an obligation described in (2) of this section is not available for distribution unless the trustee receives cash on account of the obligation;
(5) notwithstanding a provision in this section to the contrary, a distribution from a partnership or limited liability company attributable to the cash flow or income derived from operations regularly carried on by the partnership or limited liability company is income, except to the extent otherwise provided in the governing instrument.