Document ID: chunk:federal_register_of_legislation:C2025C00014:schedule:2f:p30
Version: federal_register_of_legislation:C2025C00014
Segment Type: schedule
Provision Reference: sch 2F (pt 30/79)
Character Range: 2279876–2282466

to calculate the trust's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
 (1) This section applies if at any time during a period the trust is a partner in a partnership that has an income year that begins and ends when the trust's income year begins and ends.
 (2) The partnership's notional loss or notional net income for the period is worked out in the same way as the notional loss or notional net income of a trust.
 (3) The trust's share is calculated by dividing:
 (a) the trust's interest in the partnership's net income or partnership loss of the income year;
by:
 (b) the amount of that net income or partnership loss;
and expressing the result as a percentage.
 (4) However, if the partnership had neither a net income nor a partnership loss, the trust's share is a percentage that is fair and reasonable having regard to the extent of the trust's interest in the partnership.

268‑80  How to calculate the trust's share of a partnership's notional loss or notional net income for a period if the entities have different income years
 (1) This section applies if at any time during a period the trust is a partner in a partnership that has an income year that begins and ends at a different time from when the trust's income year begins and ends.
 (2) So much of the partnership's net income or partnership loss of an income year as was derived during the period is a notional net income or notional loss of the partnership for the period. (For the purposes of this subsection, the partnership's net income or partnership loss is calculated without taking account of the partnership's full year deductions for that income year.)
Note: The partnership's full year deductions are dealt with in section 268‑85.
 (3) The trust's share is calculated by dividing:
 (a) the trust's interest in the partnership's net income or partnership loss of the income year;
by:
 (b) the amount of that net income or partnership loss;
and expressing the result as a percentage.

268‑85  Trust's full year deductions include a share of partnership's full year deductions
 (1) This section applies if at any time during the income year the trust is a partner in a partnership that has one or more full year deductions for the income year of the partnership that corresponds to the income year of the trust.
 (2) The partnership's full year deductions are treated as full year deductions of the trust, but only to the extent of the trust's share.
 (3) If the partnership's income year is the same as the trust's, the trust's share