(1) With regard to income that reverts to trust property, the beneficiary to receive the profits of the trust shall be deemed the owner of the trust property for the purposes of this Act. <Amended on Jan. 22, 2020>
(2) Notwithstanding paragraph (1), in the case of any of the following trusts that meets the requirements prescribed by Presidential Decree (excluding an investment trust referred to in Article 9 (18) 1 of the Financial Investment Services and Capital Markets Act and a trust for which beneficiary certificates are issued under Article 17 (1) 5-3 of the Income Tax Act), the corporate tax on the income that reverts to the trust property shall be paid by the trustee of such trust (limited to a domestic corporation or a resident defined in the Income Tax Act (hereinafter referred to as "resident")). In such cases, each trust property shall be deemed a domestic corporation: <Newly Inserted on Dec. 22, 2020; Dec. 31, 2023; Dec. 31, 2024>
1. A purpose trust referred to in the proviso, with the exception of the subparagraphs, of Article 3 (1) of the Trust Act;
2. A trust issuing beneficiary certificates referred to in Article 78 (2) of the Trust Act;
3. A limited liability trust referred to in Article 114 (1) of the Trust Act;
4. Other trusts similar to those prescribed in subparagraphs 1 through 3, which are prescribed by Presidential Decree.
(3) Notwithstanding paragraphs (1) and (2), in the case of a trust that meets the requirements prescribed by the Presidential Decree, such as the trustor having substantial control over the trust property, the trustor of the trust shall be liable to pay corporate income tax on the income attributable to the trust property. <Added on Dec. 22, 2020; Dec. 31, 2023>
(4) No revenues and expenditures from trust property of a corporation regulated by the Financial Investment Services and Capital Markets Act (excluding special accounts of an insurance company referred to in Article 251 (1) of the same Act; hereinafter the same shall apply) shall be deemed the revenues and expenditures that revert to the corporation. <Amended on Dec. 22, 2020>[This Article Wholly Amended on Dec. 30, 2010]