Tax on accreted income extended to a broader class of specified nonprofit entities, triggering an additional marginal-rate charge.

The amendment extends the tax on accreted income to "specified person", defined to include registered trusts/institutions and entities under clause (23C)(iv)/(v)/(vi)/(via) of section 10, where such person converts to an ineligible form, merges with a non-similar entity, or on dissolution fails to transfer assets to another specified person within twelve months. Accreted income is the excess of fair market value of assets over liabilities on the specified date, subject to prescribed valuation and specified exclusions, and is taxed additionally at the maximum marginal rate.

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