Income Tax Assessment Act 1997
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Hide history noteSECTION 880-115 880-115 Sovereign entity ' s capital gain from membership interest etc. - gain disregarded
Disregard a *capital gain of a *sovereign entity from a *CGT event that happens in relation to a *CGT asset if:
(a) the sovereign entity is covered by section 880-125 ; and
(b) the CGT asset is a *membership interest, *non-share equity interest or *debt interest in another entity; and
(c) the requirements in paragraphs 880-105(1)(c) , (d) and (e) would be satisfied, on the assumptions that:
(i) the capital gain were an amount of *ordinary income or *statutory income; and
(ii) the amount mentioned in subparagraph (i) became ordinary income or statutory income of the sovereign entity immediately before the time the CGT event happened; and
(iii) references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section.
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