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23 Jul 07 Transferred losses not allowable - R & D Holdings

The Full Federal Court (Heerey, Stone and Edmonds JJ) has dismissed the taxpayer's appeals from the decision of Finn J, who had held that in the 1998 and 1999 income years, the taxpayer was not entitled to claim, as a deduction, losses transferred to it by its subsidiary, a loss company, because the loss company did not satisfy the same business test. The Court also upheld Finn J's decision that the taxpayer's claims for the deductions in the 1998 and 1999 income years were "reckless" and "not reasonably arguable", warranting the imposition of penalties by the Commissioner: FCT v R & D Holdings Pty Limited [2007] FCAFC 107 (Full Federal Court; Heerey, Stone and Edmonds JJ; 13 July 2007).

For a copy of the decision, go here

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