Income Tax Assessment Act 1936
This section applies to shares in a company that a taxpayer holds when the company ceases to be a PDF.124ZR(2) [Shares deemed sold and rebought]
(a) to have sold the shares immediately before the company ceased to be a PDF; and
(b) to have rebought the shares immediately after the company so ceased;
for a consideration equal to the market value of the shares immediately after the company so ceased.
(a) had disposed of the CGT assets constituted by the shares, and had done so immediately before the company ceased to be a PDF; and
(b) had re-acquired those assets immediately afterwards;
for an amount equal to the shares ' market value immediately after the company so ceased.
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