(1) A trustee subject to corporate tax shall pay a corporate tax on income that reverts to corporate taxable trust property, separately from other income.
(2) Where a trustee subject to corporate tax, due to the disposition of property, etc., is unable to pay a corporate tax or forced collection charge imposed on or payable by the corporate taxable trust property in full with the property of the corporate taxable trust property, the beneficiary of such trust (Including persons to whom trust property reverts when the trust is terminated pursuant to Article 101 of the Trust Act) shall have the secondary payment obligation with respect to such deficiency to the extent of the value of property and profits distributed to him or her.
(3) Where corporate taxable trust property distributes its profits to beneficiaries, such profits shall be deemed dividends.
(4) Where corporate taxable trust property does not constitute a trust prescribed in Article 5 (2) any more due to an amendment to its trust contract, etc., Article 5 (2) shall not apply starting from the business year in which the date on which the cause therefor occurs falls.
(5) Matters necessary for applying the corporate taxation method to trust property, etc. pursuant to paragraphs (1) through (4) shall be prescribed by Presidential Decree.[This Article Added on Dec. 22, 2020]