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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 106 - Entity making the gain or loss  

Subdivision 106-B - Bankruptcy and liquidation  

SECTION 106-35  Effect of liquidation  

 View history reference ITAA 36

106-35(1)  

For the purposes of this Part and Part 3-3 (about capital gains and losses) and Subdivision 328-C (What is a small business entity), the vesting of a company's *CGT assets in a liquidator, or the holder of a similar office under a *foreign law, is ignored.

106-35(2)  

This Part, Part 3-3 and Subdivision 328-C apply to an act done by a liquidator of a company, or the holder of a similar office under a *foreign law, as if the act had been done by the company (instead of by the liquidator etc.).

Example:

Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.


 



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