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I-3 - Taxation Act
Section 1121.12
Disposition versions
1121.12. Where a particular amount is designated under this section by a trust in its fiscal return for a particular taxation year that ends on 15 December because of section 1121.7 or throughout which the trust was a mutual fund trust and the trust does not designate an amount in accordance with the first paragraph of sections 663.1 and 663.2 for the particular year, the following rules apply:
(a) the particular amount shall be added in computing the trust’s income for the particular year; and
(b) for the purposes of paragraph a of section 657 and sections 657.1 and 663, each portion of the particular amount that is allocated under this paragraph to a beneficiary under the trust in the trust’s fiscal return for the particular year in respect of an amount paid or payable to the beneficiary in the particular year shall be considered to be additional income of the trust for the particular year, determined without reference to paragraph a of section 657 and section 657.1, that was paid or payable, as the case may be, to the beneficiary at the end of the particular year;
(c) (paragraph repealed).
1121.12. Where a particular amount is designated under this section by a trust in its fiscal return for a particular taxation year that ends on 15 December because of section 1121.7 or throughout which the trust was a mutual fund trust and the trust does not designate an amount under section 663.1 or 663.2 for the particular year, the following rules apply:
(a) the particular amount shall be added in computing the trust’s income for the particular year; and
(b) for the purposes of paragraph a of section 657 and sections 657.1 and 663, each portion of the particular amount that is allocated under this paragraph to a beneficiary under the trust in the trust’s fiscal return for the particular year in respect of an amount paid or payable to the beneficiary in the particular year shall be considered to be additional income of the trust for the particular year, determined without reference to paragraph a of section 657 and section 657.1, that was paid or payable, as the case may be, to the beneficiary at the end of the particular year;
(c) (paragraph repealed).
