Income tax: foreign income - can 'trading stock' and 'other assets used solely in carrying on a business' come within the definition of 'tainted asset' in section 317?
Income tax: foreign income - can 'trading stock' and 'other assets used solely in carrying on a business' come within the definition of 'tainted asset' in section 317?
Yes. Assets which fall within paragraph (a) or (b) of the definition of 'tainted asset" are tainted whether or not they are: * trading stock; or * otherwise used solely in carrying on a business.