Income tax: capital gains: how is the 'net value' of a business determined for the purposes of section 160ZZR?

For the purposes of section 160ZZR of the Income Tax Assessment Act 1936, 'net value' is a reference to the value of the assets of a business less the amount of liabilities of the business (paragraph 160ZZR(2)(b)).

The value of an asset is its market value and not its 'book value'.