Taxation of indeterminate-beneficiary trust income applies maximum marginal rate, subject to AOP-rate exceptions for specified trusts and funds. Section 307 imposes the maximum marginal rate where income is not specifically receivable for one beneficiary or beneficiary shares are indeterminate or ... Summary
Taxation of indeterminate-beneficiary trust income applies maximum marginal rate, subject to AOP-rate exceptions for specified trusts and funds.
Section 307 imposes the maximum marginal rate where income is not specifically receivable for one beneficiary or beneficiary shares are indeterminate or unknown. The association of persons rate applies instead where specified conditions cover beneficiaries with limited other income and no other trust interest, a sole testamentary trust, qualifying historic family trusts, or exclusive employee-benefit funds. Business income of the specified representative assessee category generally remains subject to the maximum marginal rate, subject to the qualifying sole testamentary trust exception.
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