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TCA 1997 s 552(1B)  restricts amount of losses on a disposal by reference to release of debt used to acquire that asset. However, in the case where a gain is made on the disposal of an asset, and where there is also debt forgiveness, is the gain unaffected and not augmented by the debt write-off? Are there any implications for such a debt write-off in a gain situation?

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Asked on 20 April 2016 7:30 am
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