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- Title
Resource Capital Fund IV LP: the issues on appeal?
- Authors
Edmonds, Richard
- Abstract
This article analyses the long and complex judgment of Resource Capital Fund IV LP v FCT, where the Federal Court decided that the profits made by two limited partnerships, Resource Capital Fund IV LP and Resource Capital Fund V LP (or, strictly speaking, the profits attributable to US-resident partners in these two partnerships), from the sale of their shares and interests in an Australian company were not assessable to Australian tax as capital gains because of the operation of Div 855 of the Income Tax Assessment Act 1997. The judgment deals also with a number of related issues, including whether a corporate limited partnership is a separate taxable entity, and the operation of the United States Double Tax Convention. The Commissioner has appealed to the Full Federal Court against the Pagone J decision and the appeal is listed for hearing in the August 2018 sittings of the Full Court.
- Subjects
AUSTRALIA; CORPORATE profits; CAPITAL gains tax; RESOURCE Capital Fund (Company); FCT (Company); AUSTRALIA. Federal Court; LIMITED partnership; ACTIONS &; defenses (Law)
- Publication
Taxation in Australia, 2018, Vol 53, Issue 1, p22
- ISSN
0494-8343
- Publication type
Article