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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-L - Consolidated groups and MEC groups    View history reference

SECTION 104-505  Where pre-formation intra-group roll-over reduction results in negative allocable cost amount: CGT event L2  

 View history reference

104-505(1)  

CGT event L2 happens if:


(a) an entity becomes a *subsidiary member of a *consolidated group or a *MEC group; and
 View history reference


(b) in working out the group's *allocable cost amount for the entity, the amount remaining after applying step 3A of the table in section 705-60 is negative.
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104-505(2)  

The time of the event is just after the entity becomes a *subsidiary member of the group.

104-505(3)  

For the head company core purposes mentioned in subsection 701-1(2), the *head company makes a capital gain equal to the amount remaining.


 



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