INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Below is material substituted in s 121G by No tlarip of 2006.
For the purposes of the application of subsection (8), a reference to a deduction that is allowable in calculating the net income of a partnership shall be read as not including a reference to a deduction allowable to the partnership in respect of expenditure:
(a) taken under sections 36 and 36A of this Act to have been incurred in the acquisition of trading stock by the partnership; or
(b) taken under sections 70-90 and 70-95 and subsection 70-100(3) of the Income Tax Assessment Act 1997 to have been incurred in the acquisition of trading stock by the partnership.