INCOME TAX ASSESSMENT ACT 1997 - SECT 713.215 Terminating value for partnership cost setting interest
INCOME TAX ASSESSMENT ACT 1997 - SECT 713.215
Terminating value for partnership cost setting interest(1) This section modifies the way in which the * terminating value of a * partnership cost setting interest in a partnership is worked out under section 705 - 30.
(2) For the purposes of this Subdivision, the * terminating value of the * partnership cost setting interest at a time is:
(a) if the interest relates to an asset of the partnership--the interest's individual share of the terminating value of that asset (worked out in accordance with subsection (3)) at that time; or
(b) otherwise--the terminating value of the interest at that time worked out under section 705 - 30.
(3) To work out the amount of the * terminating value of the asset of the partnership mentioned in paragraph (2)(a), apply section 705 - 30 as if:
(a) the time mentioned in subsection (2) were the joining time mentioned in that section; and
(b) the partnership were, at the time mentioned in subsection
(2), the joining entity mentioned in that section.