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2Section 265 applies as if—
(a)for subsection (2) there were substituted—
“(2)In subsection (1)(a), "liabilities" includes any provision (within the meaning of Schedule 9) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company”, and
(b)there were added at the end of the section—
“(7)In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset.”.
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