If an old trust comes to fall under a Trust Subject to Corporate Taxation (limited to a trust set forth in Article 2, item (xxix)-2, (b) of the Corporation Tax Act) on or after the effective date of the Trust Act, the provisions of Article 6-3, item (vii) of the new Income Tax Act apply by deeming that old trust to be a trust whose beneficiary, etc. prescribed in that item is deemed to hold the assets and liabilities belonging to its trust property.