Resource taxes Income tax 2018

Resource Capital Fund IV LP: The issues on appeal?

Source: Taxation In Australia Journal Article

Published Date: 1 Jul 2018


This article analyses the long and complex judgment of Resource Capital Fund IV LP v FCT, where the Federal Court decided that the profits made by two limited partnerships, Resource Capital Fund IV LP and Resource Capital Fund V LP (or, strictly speaking, the profits attributable to US-resident partners in these two partnerships), from the sale of their shares and interests in an Australian company were not assessable to Australian tax as capital gains because of the operation of Div 855 of the Income Tax Assessment Act 1997. The judgment deals also with a number of related issues, including whether a corporate limited partnership is a separate taxable entity, and the operation of the United States Double Tax Convention. The Commissioner has appealed to the Full Federal Court against the Pagone J decision and the appeal is listed for hearing in the August 2018 sittings of the Full Court.

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Resource taxes Income tax 2018

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