Document ID: chunk:federal_register_of_legislation:C2010C00622:clause:6_28
Version: federal_register_of_legislation:C2010C00622
Segment Type: clause
Provision Reference: sch 6 cl 28
Character Range: 44926–45920

28  At the end of section 118‑60
Add:

 (2) A *capital gain or *capital loss made from a gift of property that is deductible under section 30‑15 because of item 4 or 5 in the table in that section is disregarded.

 (3) However, subsection (2) does not apply if the gift was not a testamentary gift and the property is later *acquired for less than market value by the person who made the gift or an *associate of that person.

 (4) If the gift was a testamentary gift and the property is later *acquired for less than market value by the deceased person's estate or a person (the deceased's associate) who:
 (a) is an *associate of the deceased person's estate; or
 (b) was an associate of the deceased person immediately before the deceased person's death;
the *cost base and the *reduced cost base of the property in the hands of the estate or the deceased's associate is worked out under section 128‑15 as if the property had passed in the estate to the estate or the deceased's associate.