Member's share of association income excluded where association is taxed at the maximum marginal rate; otherwise included in member's income. Amendment substitutes clause (v) of section 86 to govern taxation of a member's share of income from an association of persons or body of individuals (excluding certain entities), computed under the applicable income computation rules. If the association or body is taxed on its total income at the maximum marginal rate or higher, the member's share is not included in his total income; otherwise it is included. Where no income-tax is chargeable on the association's or body's total income, the member's computed share is chargeable to tax as part of his total income and the section's provisions do not apply.