The general rule1 as to the time of disposal and acquisition where an asset is disposed of under contract does not apply if the contract is conditional and in particular if it is conditional on the exercise of an option2. In such a case the time at which the disposal and acquisition is made is the time when the condition is satisfied3. In cases where a contract is not conditional on the exercise of an option, a contract only counts as conditional for these purposes if it is subject to a condition precedent to performance, where all the liabilities
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