25C.    Income of insolvent estates

 

For the purposes of this Act, and subject to any such adjustments as may be necessary the estate of a person prior to sequestration and that person’s insolvent estate shall be deemed to be one and the same person for purposes of determining-

 

(a)     the amount of any allowance, deduction or set off to which that insolvent estate may be entitled;

 

(b)     any amount which is recovered or recouped by or otherwise required to be included in the income of that insolvent estate; and

 

(c)     any taxable capital gain or assessed capital loss of that insolvent estate.