INCOME TAX ASSESSMENT ACT 1997 - SECT 620.50 Body taken to have sold revenue assets to company
INCOME TAX ASSESSMENT ACT 1997 - SECT 620.50
Body taken to have sold revenue assets to company(1) Subsections (2) and (3) apply to a * CGT asset:
(a) that the body * disposes of to the company because the body ceases to exist; and
(b) that is a * revenue asset of the body just before the disposal.
Note: Trading stock and depreciating assets are not revenue assets. See section 977 - 50.
(2) The body is taken to have disposed of the * revenue asset to the company for an amount such that the body would not make a profit or a loss on the disposal.
(3) For the purpose of calculating any profit or loss on a future disposal of, cessation of owning, or other realisation of, the * revenue asset, the company is taken to have paid the body that amount for the disposal of the revenue asset to the company.
Ceasing to own or other realising
(4) Subsection (5) applies to a * CGT asset:
(a) that the body ceases to own, or otherwise realises, because the body ceases to exist; and
(b) that is a * revenue asset of the body just before the cessation or realisation.
Note: Trading stock and depreciating assets are not revenue assets. See section 977 - 50.
(5) The body is taken to have disposed of the * revenue asset for an amount such that the body would not make a profit or a loss on the disposal.
700 - 1 What this Part is about
700 - 10 Objects of this Part