Oral trust taxation: income held by trustees is taxed at the maximum marginal rate under the amendment. Income arising under an oral trust and received or receivable by a trustee is chargeable to tax at the maximum marginal rate, notwithstanding any other provision of the Act; 'maximum marginal rate' and 'oral trust' take their meanings from the Act's existing explanatory provisions.
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Provisions expressly mentioned in the judgment/order text.
Oral trust taxation: income held by trustees is taxed at the maximum marginal rate under the amendment.
Income arising under an oral trust and received or receivable by a trustee is chargeable to tax at the maximum marginal rate, notwithstanding any other provision of the Act; "maximum marginal rate" and "oral trust" take their meanings from the Act's existing explanatory provisions.
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