Section 412 — Income Tax Assessment Act 1936: Cost base of commencing day asset

(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect. (2) The first element of the cost base of each commencing day asset of the eligible CFC is the greater of the asset’s market value (at the end of the eligible CFC’s commencing day) and the asset’s cost base (on that day). (3) The first element of the reduced cost base of each commencing day asset of the eligible CFC is the lesser of the asset’s market value (at the end of the eligible CFC’s commencing day) and the asset’s cost base (on that day).