Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:15_3:p5
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 15 cl 3 (pt 5/10)
Character Range: 365031–367655

apart from this Division, be *realised for income tax purposes by the event is taken into account; and
 (b) the amount (if any) by which section 727‑615 or 727‑850 reduces a loss worked out under section 977‑10 (about realisation events for CGT assets) that would, apart from this Division, be *realised for income tax purposes by the event is not taken into account;
in working out the total loss reductions.
 (3) In the case of an *affected interest in the *gaining entity that is *trading stock at that time:
 (a) the amount (if any) by which section 727‑620 reduces a gain worked out under section 977‑35 or 977‑40 (about realisation events for trading stock) that would, apart from this Division, be *realised for income tax purposes by the event is taken into account; and
 (b) the amount (if any) by which section 727‑620 reduces a gain worked out under section 977‑15 (about realisation events for CGT assets) that would, apart from this Division, be *realised for income tax purposes by the event is not taken into account;
in working out the total gain reductions.

Revenue asset
 (4) In the case of an *equity or loan interest, or an *indirect equity or loan interest, in the *losing entity that is a *revenue asset at that time, the greater of the following is taken into account in working out the total loss reductions:
 (a) the amount (if any) by which section 727‑615 or 727‑850 reduces a loss worked out under section 977‑55 (about realisation events for revenue assets) that would, apart from this Division, be *realised for income tax purposes by the event;
 (b) the amount (if any) by which section 727‑615 or 727‑850 reduces a loss worked out under section 977‑10 (about realisation events for CGT assets) that would, apart from this Division, be *realised for income tax purposes by the event.
 (5) In the case of an *affected interest in the *gaining entity that is a *revenue asset at that time, the greater of the following amounts is taken into account in working out the total gain reductions:
 (a) the amount (if any) by which section 727‑620 reduces a gain worked out under section 977‑55 (about realisation events for revenue assets) that would, apart from this Division, be *realised for income tax purposes by the event;
 (b) the amount (if any) by which section 727‑620 reduces a gain worked out under section 977‑15 (about realisation events for CGT assets) that would, apart from this Division, be *realised for income tax purposes by the event.

727‑635  Splitting an equity or loan interest
  If an *equity or loan interest in the *losing entity or in the *gaining entity is split into 2