Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-90
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CONSOLIDATED GROUPS
The first choice is to reduce the * adjustable value of each leaving asset to nil. The choice has effect accordingly, just before the leaving time. The * loss denial balance of the * head company's * loss denial pool is not reduced because of it.
Division 715
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Interactions between this Part and other areas of the income tax law
Subdivision 715-A
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Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation
Effect of assets in loss denial pool of head company becoming assets of leaving entity
SECTION 715-125
715-125
First choice: adjustable values of leaving assets reduced to nil
The first choice is to reduce the * adjustable value of each leaving asset to nil. The choice has effect accordingly, just before the leaving time. The * loss denial balance of the * head company's * loss denial pool is not reduced because of it.
Note:
The consequences of the choice are worked out under section 715-145 .
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