Mutual fund trust. All interests vested indefeasibly at the start of the trust's taxation year. Discretion may lie as to the timing of payment. No beneficial interest was acquired for consideration payable to the trust or its contributor. One person, or two or more related persons, may contribute property.
Proposals exclude unit trusts.
Pre-71 inter vivos trust. Proposals prohibit receipt of legal ownership of property from another trust taxed at top marginal rate only. Graduated rates apply. Post-71 spousal trust. Property may be rolled in and deemed disposed of at the spouse's death.