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INCOME TAX ASSESSMENT ACT 1997 - SECT 715.265

Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest

             (1)  For the purposes of Subdivision 165-CD, treat the * head company of a * consolidated group as not having a relevant equity interest in a * loss company at a particular time if:

                     (a)  the head company is an * eligible tier-1 company of a * top company at that time; and

                     (b)  the top company is a * widely held company at that time; and

                     (c)  because of subsections 165-115X(2A), (2B) and (2C), the top company does not have a relevant equity interest under section 165-115X in the loss company at that time.

             (2)  For the purposes of paragraph (1)(c), disregard the operation of subsection 701-1(1) (the single entity rule) in determining whether subsection 165-115X(2C) has the effect that the * top company has the relevant equity interest mentioned in that paragraph.

             (3)  For the purposes of Subdivision 165-CD, treat the * head company of a * consolidated group as not having a relevant debt interest in a * loss company at a particular time if:

                     (a)  the head company is an * eligible tier-1 company of a * top company at that time; and

                     (b)  the top company is a * widely held company at that time; and

                     (c)  because of subsections 165-115Y(3A), (3B) and (3C), the top company does not have a relevant debt interest under section 165-115Y in the loss company at that time.

How Subdivision 165-CD applies to leaving entity that is a trust



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