Document ID: chunk:federal_register_of_legislation:C2005C00443:clause:2_72
Version: federal_register_of_legislation:C2005C00443
Segment Type: clause
Provision Reference: sch 2 cl 72
Character Range: 58342–59237

72  Subsection 457(2) (definition of Adjusted distributable profits)
Repeal the definition, substitute:

Adjusted distributable profits means:
 (a) if paragraph (1)(c) applies—the amount that would be the CFC's distributable profits at the residence‑change time if:
 (i) the CFC's only income were its adjusted tainted income (excluding any non‑portfolio dividends) if all the CFC's tainted assets were disposed of at that time for a consideration equal to their market value; and
 (ii) the CFC's only expenses were expenses related to income covered by subparagraph (i); or
 (b) if paragraph (1)(d) applies—the amount that would be the CFC's distributable profits at the residence‑change time if:
 (i) the CFC's only income were its adjusted tainted income (excluding any non‑portfolio dividends); and
 (ii) the CFC's only expenses were expenses related to income covered by subparagraph (i).