Receipt and expenditure

(1) Section 11 of the Income Tax Act applies in accordance with the following subsections.
(2) Dividends are deemed to accrue already on the day of the dividend markdown.
(3) The following must be accrued on a period basis: 1. interest and accrued claims of another capital claim under section 20(1) no. 7 of the Income Tax Act, where the capital claim has an issue yield or the principal right and the interest coupon have been separated, 2. accrued claims from an issue premium or discount, and 3. rents. The accrued claims are to be applied at the issue yield, insofar as this is easily and clearly determinable. Otherwise the difference between the market value at the end of the financial year and the market value at the beginning of the financial year, or, in the case of an acquisition within the financial year, the difference between the market value at the end of the financial year and the acquisition cost, is to be applied as interest (market yield). The accrued interest, accrued claims and rents are deemed to have accrued.
(4) Income-related expenses accrued on a period basis are deemed disbursed insofar as the actual disbursement takes place in the following financial year.
(5) A special investment fund's share of profit in a partnership is part of the income of the financial year in which the partnership's business year ends.
(6) Where an interest coupon or an interest claim is separated from the principal right, this is deemed a disposal of the debt security and an acquisition of the assets arising from the separation. The separation is deemed effected once the holder of the debt security receives the securities identification numbers for the assets arising from the separation. The fair market value of the debt security at the time of separation is deemed the disposal proceeds of the debt security. In determining the acquisition cost of the new assets, the value under the third sentence is to be apportioned according to the fair market value of the new assets. The income of the principal right is to be accrued on a period basis, applying subsection (3) mutatis mutandis.
(7) Where another capital claim within the meaning of section 20(1) no. 7 of the Income Tax Act is exchanged for units in a corporation, fund of assets or association of persons, the acquisition cost of the units is determined by the fair market value of the other capital claim. Section 20(4a) of the Income Tax Act does not apply.
(8) The accrued interest, accrued claims and rents, and the income under subsection (6), fifth sentence, form part of the distributed and deemed-distributed income.