Document ID: chunk:federal_register_of_legislation:F2017L00229:body:0:p6
Version: federal_register_of_legislation:F2017L00229
Segment Type: other
Provision Reference: 
Character Range: 12647–15430

that the ordinary income of the individual received during the attribution period does not include the distribution if, but for this section, the amount or value of the distribution would be included in the ordinary income of the individual for that period.
 (3) For paragraph 1207Z (1) (e) of the Act, the Secretary must consider determining that the ordinary income of the individual received during the attribution period does not include any part of the amount or value of the distribution if, but for this section, any part of the amount or value of the distribution would be included in the ordinary income of the individual for that period.
16 No double counting of attributed income — other distributions by a company
 (1) This section applies if:
 (a) during a particular derivation period of a company, an individual receives a distribution of capital or profits from the company (the distribution); and
 (b) the individual is an attributable stakeholder of the company during an attribution period that corresponds with the derivation period of the company; and
 (c) the distribution is made in circumstances other than those mentioned in section 14 and paragraphs 15 (1) (c) and (d); and
 (d) the individual is taken to receive additional ordinary income during that attribution period in accordance with subsection 1207Y (1) of the Act.
 (2) For paragraph 1207Z (1) (d) of the Act, if the amount of the distribution is less than, or equal to, the additional ordinary income that the individual is taken to receive in accordance with subsection 1207Y (1) of the Act during the attribution period, the Secretary must consider determining that the ordinary income of the individual received during that period does not include the amount of that distribution.
 (3) For paragraph 1207Z (1) (e) of the Act, if the amount of the distribution exceeds the additional ordinary income that the individual is taken to receive in accordance with subsection 1207Y (1) of the Act during the attribution period, the Secretary must consider determining that the ordinary income of the individual received during that period does not include so much of the amount of the distribution that equals the additional ordinary income that the individual is taken to receive in accordance with subsection 1207Y (1) of the Act.
Division 3.3 Distributions by trusts
17 No double counting of attributed income — distribution by trust to all attributable stakeholders
 (1) This section applies if:
 (a) during a particular derivation period of a trust, an individual receives a distribution of corpus from the trust (the distribution); and
 (b) the individual is an attributable stakeholder of the trust during an attribution period that corresponds with the derivation period of the trust; and
 (c)