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Where the CFC is presently entitled to a share of the net income of a trust estate, the CFC must include the share of the net income in notional assessable income. The calculation of the net income of the trust estate is made under the existing trust provisions of the Act. The modifications that apply in working out the net income of a trust are similar to those that apply for working out notional assessable income and notional allowable deductions of the CFC - see sections 3 to 5.
Additional modifications that apply when working out the net income of a trust are outlined below.
Last modified: 05 Dec 2006QC 17522