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INCOME TAX ASSESSMENT ACT 1997 - SECT 707.330

Losses transferred from former head company

  (1)   This section has effect for working out the * available fraction for a * bundle of losses if:

  (a)   an entity (the ex - head company ) becomes a * subsidiary member of a * consolidated group (the bigger group ) at a time (the joining time ); and

  (b)   just before the joining time the ex - head company was the * head company of another consolidated group (the old group ); and

  (c)   at the joining time the losses are transferred under Subdivision   707 - A from the ex - head company to the head company of the bigger group.

  (2)   Work out the ex - head company's * modified market value or * market value as if each * member of the bigger group that had been a * subsidiary member of the old group just before the joining time were a part of the ex - head company, and not a separate member of the bigger group, when the transfer occurred.

  (3)   Also, work out the ex - head company's * modified market value as if each * subsidiary member of the old group had been a part of the ex - head company while it was a subsidiary member of the old group.


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