英语翻译

8-270salesbetweenpersonsundercommoncontrol

Wherethebuyerandsellerofplantormachineryareundercommoncontrol,orwhereonehascontrolovertheother,theycanmakeanelectionunders24totreatthewritten-downvalueoftheassetsoldasthedeemedsaleprice.Thesalemustnotbeonetowhichthegeneralanti-avoidanceprovisionofs33applies(s24).

Theconsequencesofas24electionareasfollows:

●Nobalancingallowanceorbalancingchargeismadeonthesellerbecausethesalepriceisdeemedtobethewritten-downvalueoftheassetsold(s24(3)(a)(ⅱ)).

●Ifthesellerhaspreviouslyclaimeds19Aallowances,suchallowancescontinuetobeavailabletothebuyerandnottotheseller,asifnosalehadtakenplace(s24(3)(c);seealsoComptrollerofIncomeTaxvGEPacificLtd(1994)2MSTC7,252).

●Ifthesellerhasclaimeds19allowancesbeforetheelection,thebuyerwillcontinuetobegranteds19allowancesbasedonthewritten-downvalueaftertheelection.Thebuyerisnotgrantedanyinitialallowance(s24(3)(b)).

●Ifthebuyersubsequentlysellstheassetandabalancingchargearisingonthesale,thebuyeristreatedashavingbeengrantedthetotalofinitialandannualallowancesmadenotonlytohim/herbutalsotothesellerintheelection(s24(3)(e)).Theamountofbalancingchargewillthereforeberestrictedtothistotal.

From7November2005,whereachangeoccursinapartnershipofpersonscarryingonanytrade,businessorprofessionbyreasonofretirementordeathorthedissolutionofthepartnershipastooneormoreofthepartners,ortheadmissionofanewpartner,andwhereas24electionhasnotbeenmade,anypropertyofthepartnershipshallbetreatedasifthepropertyhadbeensold:

(a)toalltheremainingpartnersandnewpartnersofthepartnershiponthedatethechangeoccurs,and

(b)attheopen-marketprice(s24(5)).