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Resource Capital Fund IV LP: The issues on appeal?


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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The Hon. Richard Edmonds AM, SC
Justice Edmonds was appointed to the Federal Court of Australia in May 2005. At that time he was a practising Barrister at the New South Wales Bar. He graduated from the University of Sydney with a Bachelor of Arts and Master of Laws. After 15 years in practice as a Solicitor, he was called to the New South Wales Bar in 1985. He was appointed Senior Counsel in 1995. - Current at 13 September 2011
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