Oral trust tax charge: income for beneficiaries taxed at maximum marginal rate unless trustee files prescribed written statement. An oral trust-one not declared by a duly executed written instrument-renders income received or receivable by the trustee on behalf of beneficiaries chargeable to income tax at the maximum marginal rate; however, the trust is deemed declared by a written instrument if the trustee forwards a signed statement to the assessing officer within the prescribed brief period specifying purposes, trustee particulars, beneficiaries and trust property.