Income tax: capital gains: will subsection 160ZD(2) of the Income Tax Assessment Act 1936 deem market value consideration to have been received where an act, transaction or event constitutes a disposal for the purposes of subsection 160M(7) and no consideration is received?

No. One of the pre-conditions for the application of subsection 160M(7) is that there be consideration received in respect of the act, transaction or event. Subsection 160ZD(2) cannot step in to deem consideration in respect of a "deemed disposal" under subsection 160M(7).