7‑135 Effect of revocation of election—I7‑135 Effect of revocation of election—Investment Entity treated as Tax Transparent Entity

7‑135 Effect of revocation of election—Investment Entity treated as Tax Transparent Entity

(1) Subsection (2) applies if: (a) an election under subsection 7‑125(1) is revoked; and (b) a gain or loss arises from the disposition of an asset or liability held by the Investment Entity; and (c) the gain or loss arises in a Fiscal Year to which the election does not apply because of the revocation. (2) For the purposes of this instrument, compute the gain or loss based on the fair value of the asset or liability on the first day of the first Fiscal Year to which the election does not apply because of the revocation.