Income Tax (Transitional Provisions) Act 1997
CHAPTER 3 - SPECIALIST LIABILITY RULES
PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Subdivision 104-D - Bringing into existence a CGT asset
SECTION 104-40
104-40 Granting an option
A capital gain or capital loss is disregarded if:
(a)
you made the capital gain or capital loss for the 1997-98 income year or an earlier income year under former Part
IIIA
of the
Income Tax Assessment Act 1936
because you granted an option to an entity, or renewed or extended an option you had granted; and
(b)
the other entity exercises the option in the 1998-99 income year or a later income year.
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