Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The third choice can be made only if every asset that was in the * loss denial pool just before the leaving time is a leaving asset. The choice is to have a loss denial pool of the leaving entity created at the leaving time, consisting of every leaving asset. (To avoid doubt, the choice can be made even if the leaving entity is not a company.)
(2) A choice under this section has effect accordingly. The pool is distinct from any other loss denial pool of the leaving entity.
(3) When the leaving entity's loss denial pool is created, its loss denial balance equals the loss denial balance of the head company's loss denial pool (as reduced by any previous reductions under section 715 - 130 or 715 - 160).
Note: If the head company makes this choice, the leaving entity can choose to cancel the loss denial pool by reducing reduced cost bases of assets in the pool: see section 715 - 185.
(4) The head company's * loss denial pool ceases to exist
when the leaving entity's loss denial pool is created.