(1) This section applies in relation to an asset or a liability if:
(a) an entity (the joining entity ) becomes a subsidiary member of a consolidated group at a time (the joining time ); and
(b) the asset or liability becomes that of the head company of the group because subsection 701 - 1(1) (the single entity rule) applies at the joining time; and
(c) in the case of an asset--subsection 701 - 55(5A) applies in relation to the asset at the joining time; and
(d) in the case of a liability--subsection 715 - 375(2) applies in relation to the liability at the joining time.
(2) In the case of an asset, for the purposes of section 230 - 60, assume that the * head company of the group acquired the asset at the joining time (as mentioned in subsection 701 - 55(5A)) in return for the head company starting to have an obligation to provide the payment mentioned in that subsection.
(3) In the case of a liability, for the purposes of section 230 - 60, assume that the * head company of the group started to have the liability at the joining time (as mentioned in subsection 715 - 375(2)) in return for the head company starting to have a right to receive the payment mentioned in that subsection.