Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) You are taken to have * acquired all of the * shares before 20 September 1985 if you acquired all the assets of the * business before that day and none of the assets is a * precluded asset.
(2) However, if at least one of the assets is a * precluded asset, you are taken to have * acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares) does not exceed:
• the total of the * market values of the assets that are not * precluded assets, less any liabilities the company undertakes to discharge in respect of those assets;
• the total of the market values of all the assets, less any liabilities the company undertakes to discharge in respect of those assets.
Note: There are rules for working out what are the liabilities in respect of an asset: see section 122 - 37.
(3) The first element of each other * share's * cost base and * reduced cost base is the total of the * market values of the * precluded assets (less any liabilities the company undertakes to discharge in respect of those assets) divided by the number of those other shares.
(4) The * market value of an asset is worked out when you *
disposed of it. The * cost base or * reduced cost base of an asset is worked
out at the same time.