Document ID: chunk:federal_register_of_legislation:C2019C00124:clause:7_2
Version: federal_register_of_legislation:C2019C00124
Segment Type: clause
Provision Reference: sch 7 cl 2
Character Range: 182720–183798

2  Paragraph 12‑402(3)(i) in Schedule 1
Repeal the paragraph, substitute:
 (j) a *limited partnership, if, throughout the income year:
 (i) at least 95% of the *membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly‑owned by entities so mentioned; and
 (ii) the remaining membership interests (if any) in the limited partnership are owned by a *general partner of the limited partnership that habitually exercises the management power of the limited partnership;
 (k) an entity, all the membership interests in which are owned by any of the following:
 (i) entities mentioned in the preceding paragraphs of this subsection;
 (ii) entities that are wholly‑owned by entities mentioned in the preceding paragraphs of this subsection;
 (iii) entities that are covered under this subsection because of a previous operation of this paragraph;
 (l) an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations.