s 197-15
In forceAccount taken to have ceased to be tainted when old Division 7B was closed off
Chapter 3Specialist liability rules
Part 3-5Corporate taxpayers and corporate distributions
Division 197Tainted share capital accounts
Subdivision 197-CSpecial provisions about companies whose share capital accounts were tainted when old Division 7B was closed off
197-15 Account taken to have ceased to be tainted when old Division 7B was closed off
(1)
The company’s share capital account is taken to have ceased to be tainted under old Division 7B at the start of the Division 7B close‑off day.
(2)
No liability to untainting tax, and no franking debit, arises under old Division 7B in relation to the share capital account being taken to have ceased to be tainted.
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