Tax on accreted income applies when registered non-profits lose eligibility, alter objects, merge impermissibly, or mishandle dissolution assets. Section 352 imposes additional income-tax on accreted income, separate from tax on total income, on a specified person in prescribed circumstances. The ... Summary
Tax on accreted income applies when registered non-profits lose eligibility, alter objects, merge impermissibly, or mishandle dissolution assets.
Section 352 imposes additional income-tax on accreted income, separate from tax on total income, on a specified person in prescribed circumstances. The tax is charged at the maximum marginal rate. Accreted income is computed as the aggregate fair market value of all assets on the relevant specified date less total liabilities on that date, using prescribed valuation methods. This amount is reduced by accreted income attributable to specified assets and associated liabilities.
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