[Verse 1]
When fifty percent plus one changes hands today
A corporation's world turns upside down in every way
The taxman says your year has ended right here and now
New rules kick in, let me tell you how
[Chorus]
Deemed year-end when control's acquired
Loss restrictions now required
Assets written down if the value's not there
ACO rules - handle with care
Deemed year-end, losses trapped
Future profits, can't be tapped
Unless the business stays the same
That's the acquisition game
[Verse 2]
Twenty-four months before the change of control date
Look at losses sitting there, decide their fate
Non-capital losses face the hardest test
Same business or similar, that's what works best
[Chorus]
Deemed year-end when control's acquired
Loss restrictions now required
Assets written down if the value's not there
ACO rules - handle with care
Deemed year-end, losses trapped
Future profits, can't be tapped
Unless the business stays the same
That's the acquisition game
[Bridge]
Capital losses different story, only offset capital gains
Net capital losses carried forward, within their lanes
And don't forget about the assets, fair market value test
Write them down if they're worth less, put goodwill to rest
[Verse 3]
Associated status breaks apart, no more group relief
Depreciable property gets bumped up, beyond belief
The purchaser's perspective matters now for what it's worth
New basis, new beginning, like a corporate rebirth
[Chorus]
Deemed year-end when control's acquired
Loss restrictions now required
Assets written down if the value's not there
ACO rules - handle with care
Deemed year-end, losses trapped
Future profits, can't be tapped
Unless the business stays the same
That's the acquisition game
[Outro]
When the gavel falls and ownership's sold
Remember these rules, they never get old
Control acquisition brings change overnight
Get the tax planning done, do it right