Document ID: chunk:federal_register_of_legislation:C2025C00014:section:25a:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 25A (pt 3/6)
Character Range: 176032–178711

of this Act (including any other application of this subsection and any application of any other provision of this section), be deemed to have acquired the property for the purpose of profit‑making by sale.
 (6) Where:
 (a) after 23 August 1983, a taxpayer sold or sells property; and
 (b) the property sold was:
 (i) an interest in property, being property acquired by the taxpayer for the purpose of profit‑making by sale; or
 (ii) property, or an interest in property, in which was merged an interest in property, being an interest acquired by the taxpayer for the purpose of profit‑making by sale;
the taxpayer shall, for the purposes of the application of this Act (including any application of any other provision of this section), be deemed to have acquired the property sold for the purpose of profit‑making by sale.
 (7) For the purposes of subsection (2), where a company, partnership or trustee of a trust estate holds or held property (in this subsection referred to as the underlying property) consisting of:
 (a) an interest in property, being property acquired by the company, partnership or trustee for the purpose of profit‑making by sale; or
 (b) property, or an interest in property, in which was merged an interest in property, being an interest acquired by the company, partnership or trustee for the purpose of profit‑making by sale;
the company, partnership or trustee, as the case may be, shall be deemed to have acquired the underlying property for the purpose of profit‑making by sale.
 (8) Where:
 (a) property (in this subsection referred to as the acquired property) was or is acquired for the purpose of profit‑making by sale; and
 (b) after 23 August 1983, property (in this subsection referred to as the transferred property) being:
 (i) an interest in the acquired property; or
 (ii) property, or an interest in property, in which was merged an interest in the acquired property;
  was or is transferred to a taxpayer in the prescribed manner;
the taxpayer shall, for the purposes of the application of this Act (including any other application of this subsection and any application of any other provision of this section), be deemed to have acquired the transferred property for the purpose of profit‑making by sale.
 (9) Where a taxpayer sold or sells property that, by virtue of any of the preceding provisions of this section, is deemed to have been acquired by the taxpayer for the purpose of profit‑making by sale, so much (if any) of the proceeds of sale as, in the opinion of the Commissioner, is appropriate shall, for the purposes of this Act, be deemed to be profit arising from the sale by the taxpayer of the property.
 (10) For the