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of <h1>Business trust distributions taxed to unit holders in same nature; trust taxed at maximum marginal rate; Schedule V applies.</h1> Income distributed by a business trust to its unit holders is treated in the hands of each unit holder as having the same nature and proportion as received or accrued by the trust. The business trust's total income is taxed at the maximum marginal rate, subject to specified withholding provisions. Distributed amounts characterized under specified Schedule V entries are taxed as the unit holder's income in the tax year received. The deemed-treatment rule excludes sums covered by the specified statutory provision. Persons paying distributions must provide prescribed statements to unit holders and the designated authority detailing the income paid.
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