74.4(4) will not apply to save an estate freeze of Opco from the corporate attribution rule where a trust holds shares in Holdco rather than shares in Opco directly. 74.4(4) would also not apply where Opco1 and Opco2 are frozen, the trust holds shares in both corporations but Opco1 holds special shares in the capital of Opco2. See Daniel Gosselin, “Estate Freeze Plan Trips Over Corporate Attribution Rules” Tax for the Owner-Manager 15:2 (April 2015).
