sec.265Accumulations of surplus trust income held before commencement

sec.265 Accumulations of surplus trust income held before commencement

This section applies if, immediately before the commencement, a trustee held accumulations of the income of trust property under the repealed Act section 61(2), including that section as applied by the repealed Act, section 61(5). Section 125, including that section as applied by section 127, applies in relation to the accumulations as if they were amounts invested and held by the trustee under section 125(2). (sec.265-ssec.1) This section applies if, immediately before the commencement, a trustee held accumulations of the income of trust property under the repealed Act section 61(2), including that section as applied by the repealed Act, section 61(5). (sec.265-ssec.2) Section 125, including that section as applied by section 127, applies in relation to the accumulations as if they were amounts invested and held by the trustee under section 125(2).