Deemed trust income: spouse and minor beneficiaries now treated as receiving firm-related income; family transfers recharacterised as converted property. Amendments extend attribution under Section 64: income of a trustee from its membership in a firm is deemed to be income arising indirectly to a beneficiary spouse or minor child where the income benefits that beneficiary, thereby treating such trust receipts as equivalent to the beneficiary's firm membership or partnership-related income.
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Provisions expressly mentioned in the judgment/order text.
Deemed trust income: spouse and minor beneficiaries now treated as receiving firm-related income; family transfers recharacterised as converted property.
Amendments extend attribution under Section 64: income of a trustee from its membership in a firm is deemed to be income arising indirectly to a beneficiary spouse or minor child where the income benefits that beneficiary, thereby treating such trust receipts as equivalent to the beneficiary's firm membership or partnership-related income.
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