Is it requisite for the election to encompass the entirety of the Qualifying Assets and Liabilities, or can it pertain to a subset thereof?
For the aforesaid, the rules are as follows:
- Qualifying Immovable Property: the election may apply to any of the Qualifying Immovable Property.
- Qualifying Intangible Assets: the election should apply to all of the Qualifying Intangible Assets.
Qualifying Financial Assets and Qualifying Financial Liabilities: the election should apply to all of the Qualifying Financial Assets and Qualifying Financial Liabilities.
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