Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 711.40

Liabilities owed to the leaving entity by members of the old group--step 3 in working out allocable cost amount

                   For the purposes of step 3 in the table in subsection 711-20(1), the step 3 amount is the total, for all liabilities owed by * members of the old group to the leaving entity at the leaving time, of the * tax cost setting amounts of the corresponding assets of the leaving entity.

Note:          The tax cost of a corresponding asset of the leaving entity is set under section 701- 45. The tax cost setting amount of the corresponding asset is determined under section 701-60A.



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