In the case where a specified trust that issues beneficiary certificates as prescribed in Article 2, item (xxix), (c) (Definitions) has come to fall under the category of a trust subject to corporate taxation, the amount specified by Cabinet Order as the amount equivalent to the undistributed profit as of immediately prior to the time when it came to fall under such category is included in gross profits, when calculating the amount of income of a trust corporation under the trust subject to corporate taxation (meaning a trust corporation as prescribed in Article 4-3 (Application of This Act to Trust Corporations); hereinafter the same applies in this Article) for the business year containing the day on which it came to fall under such category.
In the case where a trust subject to corporate taxation (limited to a trust listed in Article 2, item (xxix)-2, (b)) has ceased to fall under the category of trusts listed in (b) of that item because a beneficiary as prescribed in Article 12, paragraph (1) (Vesting of Assets and Liabilities in Trust Property and Profit and Expenses to Be Attributed to Trust Property) (such beneficiary includes a person who is deemed to be a beneficiary as prescribed in paragraph (1) of that Article pursuant to the provisions of paragraph (2) of that Article and excludes a beneficiary under liquidation proceedings) has come to exist for the trust subject to corporate taxation (excluding the case where the trust subject to corporate taxation falls under the category of trusts listed in (a) or (c) of that item), the amount of income of the trust corporation pertaining to the trust subject to corporate taxation for each business year is calculated by deeming that the trust corporation has had the beneficiary succeed to the assets and liabilities in the trust property at their book value as of immediately prior to the time when the trust ceased to fall under the category.
法人課税信託（第二条第二十九号の二ロに掲げる信託に限る。）に第十二条第一項（信託財産に属する資産及び負債並びに信託財産に帰せられる収益及び費用の帰属）に規定する受益者（同条第二項の規定により同条第一項に規定する受益者とみなされる者を含むものとし、清算中における受益者を除く。）が存することとなつたことにより当該法人課税信託が同号ロに掲げる信託に該当しないこととなつた場合（同号イ又はハに掲げる信託に該当する場合を除く。）には、当該法人課税信託に係る受託法人は当該受益者に対しその信託財産に属する資産及び負債のその該当しないこととなつた時の直前の帳簿価額による引継ぎをしたものとして、当該受託法人の各事業年度の所得の金額を計算する。
In the case referred to in the preceding paragraph, when the beneficiary set forth in that paragraph is a domestic corporation, the amount of income for each business year of the domestic corporation that is the beneficiary is calculated by deeming that it has succeeded to the assets and liabilities set forth in that paragraph at the book value prescribed in that paragraph.
When a trust corporation under a trust subject to corporate taxation has transferred the assets and liabilities related to the trust subject to corporate taxation, as a result of a change of trustees of the trust subject to corporate taxation, the amount of income of the trust corporation for each business year is calculated by deeming that the transferred assets and liabilities has been succeeded to by the trustee after the change at their book value as of immediately prior to the change.
The value of the assets and liabilities that are to be succeeded to by the trustee after the change set forth in the preceding paragraph, pursuant to the provisions of the paragraph, and any other necessary matters concerning the calculation of the amount of income of a trust corporation or its beneficiaries for each business year are specified by Cabinet Order.