AI Summary of 434. Distributions to be taken into account and meaning of "distributable income", "investment income", "estate income", etc.
434. Distributions to be taken into account and meaning of "distributable income", "investment income", "estate income", etc.
(1) In this section -
"estate income" means income (other than yearly or other interest) chargeable to tax under Case III, IV or V of Schedule D, and arising from the ownership of land (including any interest in or right over land) or from the letting furnished of any building or part of a building;
"franked investment income" excludes -
(a) a distribution made out of exempt profits within the meaning of section 140,
(b) a distribution made out of disregarded income within the meaning of section 141 and to which subsection (3)(a) of that section applies, and
(c) a distribution made out of exempted income within the meaning of section 142;
"income" of a company for an accounting period means the income as computed in accordance with subsection (4);
"investment income" of a company means income other than estate income which, if the company were an individual, would not be earned income within the meaning of section 3, but, without prejudice to the meaning of 'franked investment income' in this section, does not include -