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of <h1>Accreted income of converted or merged trusts taxed at maximum rate, exclusions for prior tax-exempt assets; no deductions</h1> Where a specified person (registered trust/institution or listed charitable entity) in a previous year is converted to a non-eligible form, merges with a dissimilar entity, or fails to transfer assets on dissolution, its accreted income on the specified date (aggregate fair market value of assets less liabilities) is taxed at the maximum marginal rate. Specified exclusions apply for assets acquired from tax-exempt income or before registration became effective, and transfers within prescribed periods are ignored. The tax is payable within specified time triggers, is final (no further credit) and no deduction is allowed for income charged under this provision.
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