Taxation Ruling
IT 44H - Notice of Archival
Application of section 52 where loss is sustained due to contract not being completed
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FOI status:
may be releasedNotice of Archival
Taxation Ruling IT 44 is no longer current and has been archived.
The Ruling dealt with the application of section 52 of the Income Tax Assessment Act 1936 where a taxpayer entered into a contract to purchase land for the purpose of resale at a profit but failed to complete the contract and incurred a loss by forfeiture of the deposit.
Section 52 only applies to losses on the sale of property acquired on or before 19 September 1985.
Commissioner of Taxation
10 November 1994