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Taxation of firms and AOPs: where member shares are indeterminate or member incomes exceed the exempt threshold, tax at maximum rate. The substituted provisions imposed tax on a firm's total income at the maximum marginal rate, and required that an association of persons or body of individuals be taxed on its total income at the maximum marginal rate where members' shares were indeterminate or unknown or where any member's total income (excluding his share) exceeded the maximum non-taxable amount for an individual; a proviso directed that a higher rate applicable to a member would be applied to the association; an explanation deemed shares indeterminate if unknown at formation or thereafter.
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Taxation of firms and AOPs: where member shares are indeterminate or member incomes exceed the exempt threshold, tax at maximum rate.
The substituted provisions imposed tax on a firm's total income at the maximum marginal rate, and required that an association of persons or body of individuals be taxed on its total income at the maximum marginal rate where members' shares were indeterminate or unknown or where any member's total income (excluding his share) exceeded the maximum non-taxable amount for an individual; a proviso directed that a higher rate applicable to a member would be applied to the association; an explanation deemed shares indeterminate if unknown at formation or thereafter.
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