Section IQ 9 — Income Tax Act 2007: When attributed CFC net loss becomes FIF net loss

IQ 9 When attributed CFC net loss becomes FIF net loss When this section applies (1) This section applies if, in a tax year, a person has an attributed CFC net loss that, under section 38 of the Income Tax Amendment Act (No 2) 1993, becomes a FIF net loss. Treatment of net losses (2) The attributed CFC net loss is treated as a FIF net loss of the person with effect from the tax year, as if the CFC were a FIF. Calculation methods (3) For the purposes of subsection (2) and the calculation of the amount of the loss, the attributable FIF income method is not used unless the person calculates their FIF income or net loss under the attributable FIF income method in relation to the interest on the date of the transition from an attributed CFC net loss to a FIF net loss. Defined in this Act: amount , attributed CFC net loss , attributable FIF income method , CFC , FIF , FIF income , FIF net loss , tax year , Compare: 2004 No 35 s IE 3(4) Section IQ 9(3): amended (with effect on 1 July 2011 and applying for income years beginning on or after that date), on 7 May 2012, by section 78(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section IQ 9 list of defined terms attributable FIF income method : inserted (with effect on 1 July 2011), on 7 May 2012, by section 78(2)(b) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34). Section IQ 9 list of defined terms branch equivalent method : repealed (with effect on 1 July 2011), on 7 May 2012, by section 78(2)(a) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).