Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-95 - VALUE SHIFTING  

Division 723 - Direct value shifting by creating right over non-depreciating asset  

Subdivision 723-A - Reduction in loss from realising non-depreciating asset  

SECTION 723-50   Effects if right created over underlying asset is also trading stock or a revenue asset  

723-50(1)    
Subsection 723-10(3) or (4) or 723-15(3) applies differently if the right created in respect of the underlying asset is also ^* trading stock or a ^* revenue asset at the time of a ^* realisation event that happens to the right.

723-50(2)    
The gain that is taken into account for the purposes of that subsection is:

(a)    

if the right is also *trading stock - worked out under section 977-35 or 977-40 (about realisation events for trading stock); or

(b)    

if the right is also a *revenue asset - the greater of:

(i) the gain worked out under section 977-15 (about realisation events for CGT assets); and

(ii) the gain worked out under section 977-55 (about realisation events for revenue assets).