Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p29
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 29/51)
Character Range: 83580–86236

if the disposal of the property to the taxpayer was the last
of a series of 2 or more successive transfers of the property to which either
one of section 58 or 73E has applied (whether alternately or otherwise) - a
deduction or deductions has or have been allowed or allowable to any of the
prior successive transferors under section 73B in relation to the property;
then, for the purposes of the application of subsection (2) of this section to
the property, the amount worked out using the following formula is taken to
have been an amount allowed to the taxpayer in respect of depreciation in
relation to the property:
       Transferor's original    -    Modified written-down
              cost                           value
where:
  'Transferor's original cost' means:
  (a) the cost of the property to the transferor for the purposes of section
73B (worked out as if subsection 73B(6) had not been enacted); or
  (b) if the disposal of the property to the taxpayer was the last of a series
of 2 or more successive transfers to which either one of section 58 or 73E has
applied (whether alternately or otherwise) - the cost of the property to the
earliest prior successive transferor for the purposes of section 73B (worked
out as if subsection 73B(6) had not been enacted);
  'Modified written-down value' means the amount that would have been the
written-down value of the property to the taxpayer for the purposes of section
73B if:
  (a) whichever of the following is applicable:
    (i) the deductions allowed or allowable under section 73B to the
transferor in respect of one or more years of income in relation to the
property;
    (ii) if the disposal of the property to the taxpayer was the last
of a series of 2 or more successive transfers to which either one of section
58 or 73E has applied (whether alternately or otherwise) - the deductions
allowed or allowable under section 73B to the prior successive transferors in
respect of one or more years of income in relation to the property;
had been deductions allowed or allowable to the taxpayer under section 73B in
respect of the years of income in relation to the property; and
  (b) whichever of the following is applicable:
    (i) the cost of the property to the transferor for the purposes of
section 73B (worked out as if subsection 73B(6) had not been enacted);
    (ii) if the disposal of the property to the taxpayer was the last
of a series of 2 or more successive transfers to which either one of section
58 or 73E has applied (whether alternately or otherwise) - the cost of the
property to the earliest prior successive transferor for the purposes of
section 73B (worked