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Tax cases: Can Part IVA apply to legitimate components of a transaction?

Published on 01 Oct 07 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

In the case of Peter Cumins v Commissioner of Taxation the Full Federal Court heard an appeal from the Federal Court concerning an amended assessment that had been issued to the taxpayer on the basis that the general anti-avoidance provisions in Part IVA of the Income Tax Assessment Act 1936 applied, so that the taxpayer incurred a capital gain and not a capital loss from the sale of a beneficial interest in shares from one family trust to another.

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AMBRY LEGAL

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