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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.

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