Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 122.175

    The other consequences relate to the * shares the partners receive and depend on when they * acquired their interests in the assets of the * business.

Note 1:   There are 3 possible cases:

•   a partner acquired all the interests on or after 20   September 1985: see section   122 - 180;

•   a partner acquired all the interests before that day: see section   122 - 185;

•   a partner acquired some of the interests on or after that day: see section   122 - 190.

Note 2:   There are other consequences for the partnership and the company if the partners dispose of their interests in trading stock of the partnership: see Division   70.