Document ID: chunk:federal_register_of_legislation:C2004A02159:body:0:p11
Version: federal_register_of_legislation:C2004A02159
Segment Type: other
Provision Reference: 
Character Range: 24141–26572

the Income Tax Assessment Act 1936;
     (b) if the taxpayer had valued the trading stock of the taxpayer in such a way that the value of that trading stock to be taken into account at the end of the relevant year of income would have been the lowest possible amount at which the value of that trading stock could have been taken into account at that time in accordance with Subdivision B of Division 2 of Part III of the Income Tax Assessment Act 1936, the taxpayer would have been deemed to have incurred a loss in the relevant year of income;
     (c) if, in determining whether the taxpayer is deemed to have incurred a loss in the relevant year of income and in determining the amount of any such loss—
          (i) the value of the trading stock of the taxpayer to be taken into account at the end of the relevant year of income were the value referred to in paragraph (b); and
          (ii) the conditions specified in paragraphs 80 (5) (ha), (hb), (hc), (hd) and (n) of the Income Tax Assessment Act 1936 were taken to be applicable,
     the taxpayer would not be deemed to have incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss referred to in paragraph (b); and
     (d) some or all of the trading stock was valued by the taxpayer in the way in which it was valued by the taxpayer for the purpose, or for purposes that included the purpose, of wholly or partly preventing the operation of section 13 of this Act in relation to the taxpayer or, if the taxpayer is a partnership, in relation to a partner or partners in the partnership, by securing that the taxpayer would not be deemed to have incurred a loss in the relevant year of income or would be deemed to have incurred a loss in the relevant year of income of an amount less than the amount of the loss that the taxpayer would be deemed to have incurred in the relevant year of income if the trading stock of the taxpayer had been valued by the taxpayer at a lesser value,
then, notwithstanding anything contained in the Income Tax Assessment Act 1936, the value of the trading stock of the taxpayer to be taken into account at the end of the relevant year of income and at the commencement of the next succeeding year of income is—
     (e) in a case to which paragraph (f) does not apply—the value referred to in paragraph (b); or

     (f) if