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Income Tax Act 2007

Section 659: Transfers with or without accrued interest: interest in default

1949.This section modifies the calculation of the payments treated as made under a number of provisions if the interest is in default. It is based on section 718 of ICTA.

1950.The value of the right to receive interest may be affected if the issuer defaults or has previously defaulted on the obligation to pay interest. If this is the case, subsection (2)substitutes the value of the right to receive interest for the interest payable in the various calculations.

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