Report No. 12

E-Executors.

178. Executors.-

(1) Subject as hereinafter provided, the income of the estate of a deceased person shall be chargeable to tax in the hands of the executor,-

(a) if there is only one executor, then as if the executor were an individual, or

(b) if there are more than one executor, then as if the executors were an association of persons.

(2) The assessment of an executor under this section shall be made separately from any assessment that may be made on him in respect of his own income.

(3) Separate assessments shall be made under this section on the total income of each completed previous year or part thereof as is included in the period from the date of the death to the date of complete distribution to the beneficiaries of the estate according to their several interests.

(4) In computing the total income of any previous year under this section, any income of the estate of that previous year distributed to, or applied to the benefit of, any beneficiary of the estate during that previous year shall be excluded; but the income so excluded shall be included in the total income of the previous year of such beneficiary.

Explanation.-In this section, "executor" includes an administrator or other person administering the estate of a deceased person.