Section DV 15 — Income Tax Act 2007: Amalgamated companies: property passing on resident’s restricted amalgamation

DV 15 Amalgamated companies: property passing on resident’s restricted amalgamation When this section applies (1) This section results from sections FO 8 and FO 10 (which relate to resident’s restricted amalgamations). Deduction for bad debts or expenditure or loss (2) On a resident’s restricted amalgamation, an amalgamated company is allowed a deduction for an amount written off as bad, or an amount of expenditure or loss, including an amount of depreciation loss, incurred as a result of something that the amalgamating company did or did not do in the circumstances set out in section FO 8 . Depreciation loss for property transferred (3) On a resident’s restricted amalgamation, an amalgamating company is allowed a deduction for an amount of depreciation loss for property transferred to the amalgamated company for the period described in section FO 10(7) . Link with subpart DA (4) This section supplements the general permission. The general limitations still apply. Defined in this Act: amalgamated company , amalgamating company , amount , deduction , depreciation loss , general permission , resident’s restricted amalgamation , Compare: 2004 No 35 ss FE 3 , FE 6A