Partnerships involving companies: use of fair value accountingU.K.
[F150(1)Where the company partner uses fair value accounting in relation to its interest in the firm, the debits and credits to be brought into account under paragraph 49 by that company must be determined on the basis of fair value accounting.
(2)In this paragraph “company partner” and “firm” have the same meaning as in paragraph 49.]
Textual Amendments
F1Sch. 26 para. 50 substituted (with effect in accordance with s. 52(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 10 para. 66