Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision C - Modifications relating to Australian capital gains tax  

SECTION 412   COST BASE OF COMMENCING DAY ASSET  

412(1)   [Operation of section]  

For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect.

412(2)   [First element of cost base]  

The first element of the cost base of each commencing day asset of the eligible CFC is the greater of the asset's market value (at the end of the eligible CFC's commencing day) and the asset's cost base (on that day).

412(3)   [First element of reduced cost base]  

The first element of the reduced cost base of each commencing day asset of the eligible CFC is the lesser of the asset's market value (at the end of the eligible CFC's commencing day) and the asset's cost base (on that day).