Income Tax Assessment Act 1936
PART III
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LIABILITY TO TAXATION
Division 16K
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Effect of buy-backs of shares
Subdivision A
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Interpretation
SECTION 159GZZZM
159GZZZM
PURCHASE PRICE IN RESPECT OF BUY-BACK
For the purposes of this Division, the purchase price in respect of a buy-back of a share is:
(a) if the seller has received or is entitled to receive an amount or amounts of money as a result of or in respect of the buy-back - that amount or the sum of those amounts; or
(b) if the seller has received or is entitled to receive property other than money as a result of or in respect of the buy-back - the market value of that property at the time of the buy-back; or
(c) if the seller has received or is entitled to receive both an amount or amounts of money and property other than money as a result of or in respect of the buy-back - the sum of that amount or those amounts and the market value of that property at the time of the buy-back.
View history note
Hide history noteFor the purposes of this Division, the purchase price in respect of a buy-back of a share is:
(a) if the seller has received or is entitled to receive an amount or amounts of money as a result of or in respect of the buy-back - that amount or the sum of those amounts; or
(b) if the seller has received or is entitled to receive property other than money as a result of or in respect of the buy-back - the market value of that property at the time of the buy-back; or
(c) if the seller has received or is entitled to receive both an amount or amounts of money and property other than money as a result of or in respect of the buy-back - the sum of that amount or those amounts and the market value of that property at the time of the buy-back.
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