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<h1>Slump sale capital gains: net worth deemed cost and fair market value deemed full consideration for taxation.</h1> Profits from a slump sale are taxed as capital gains with the undertaking or division's net worth deemed to be the cost of acquisition and improvement; fair market value of assets on the date of transfer is deemed the full value of consideration. Net worth equals total assets minus liabilities per books, ignoring revaluation; depreciable assets use written down value, goodwill not purchased is nil, section 35AD assets with full allowance are nil, and other assets use book value. An accountant's report in the prescribed form certifying the net worth computation must be furnished by the specified date.
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