SCHEDULES

SCHEDULE 5Tax treatment of financing costs and income

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1

Section 329 (the tested expense amount) is amended as follows.

2

In subsection (3), for “arises as a result of a transaction that takes place” substitute “accrues”.

3

After subsection (5) insert—

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But subsection (5) does not apply if an election under section 331ZA has effect for the period of account.