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Section 97 – Escaping the consequences of proportionality

Published on 01 Oct 06 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The assessment of the net income of a trust estate to a beneficiary by reference to its entitlement to the income of the trust estate creates a number of anomalies especially where the net income includes net capital gains. Practitioners have tried to overcome the problem by, for example, defining the income of the trust estate by reference to its net income and, more recently, beneficiaries have disclaimed their entitelments. However neither method is entirely satisfactory and each requires careful attention to the trust deed.

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Terry MURPHY
Current at 14 September 2011 Click here to expand/collapse more articles by Terry MURPHY.
 

 

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