Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2
Character Range: 2473855–2474749

2                                          A partner *acquired the interest before 20 September 1985       The *market value of the interest

Note: There are rules for working out what are the liabilities in respect of an interest in an asset: see section 122‑145.

Disposal of all the assets of a business
 (2) One of these requirements must be satisfied (for each partner) if:
 (a) the partners *dispose of their interests in all the assets of a *business; and
 (b) the company undertakes to discharge one or more liabilities in respect of the interests in the assets.
  (The *market value, or the *cost base, of an interest is worked out at the time of the disposal.)

What amount the liabilities cannot exceed
Item                                       In this situation:                                                                                        the liabilities cannot exceed: