27. Adjustment to the Cost Base of Partnership Cost Setting Interests in Certain Depreciating Assets |
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Date: |
Thursday, 4 December 2003 |
Content ID: |
740 |
Abstract: |
Where a partnership joins a consolidated group, the tax costs of the underlying assets of the partnership are reset using the concept of a 'partnership cost pool'. The partnership cost pool is determined with reference to the partnership cost setting interests held by each of the partners in the partnership. Where a partnership cost setting interest is an interest in a depreciating asset acquired after 13 May 1997, adjustments will be required to be made to the cost base of the partnership cost setting interest at the time the partnership joins the group. These adjustments are required to reflect deductions for the decline in value of depreciating assets claimed by the partnership in respect of the underlying asset up to the time the partnership joins the group. |
Documents Available: |
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