Section IC 2 — Income Tax Act 2007: Threshold levels for grouping tax losses in tax year

IC 2 Threshold levels for grouping tax losses in tax year Company A: continuity of ownership (1) Company A may group a tax loss in a tax year under section IC 5 only if the requirements of section IA 5 (Restrictions on companies’ loss balances carried forward) are met. Company A and company B: common ownership (2) In addition to meeting the requirements referred to in subsection (1), company A and company B must have the required common ownership under section IC 3 for the period referred to in section IC 6 . Part years: relationship with subpart IP (3) Subpart IP (Meeting requirements for part-years) applies in a tax year that is part of the commonality period if the following requirements are met for the relevant part-year: (a) continuity of ownership in company A for the purposes of subsection (1); and (b) common ownership of company A and company B for the purposes of subsection (2). Defined in this Act: commonality period , company , tax loss , tax year , Compare: 2004 No 35 ss IG 1(1), (3) , IG 2(1), (2)(c), (e)