Section CB 10 — Income Tax Act 2007: Disposal within 10 years: land development or subdivision business

CB 10 Disposal within 10 years: land development or subdivision business Income (1) An amount that a person derives from disposing of land is income of the person if— (a) they dispose of the land within 10 years of acquiring it; and (b) at the time they acquired the land, they carried on a business of developing land or dividing land into lots, whether or not the land was acquired for the purpose of the business. Income: associated person in business of developing or subdividing land (2) An amount that a person ( person A ) derives from disposing of land within 10 years of acquiring it is income of person A if a person ( person B ) associated with them at the time the land was acquired carried on a business of developing land or dividing land into lots, whether or not— (a) person A carried on a business of developing land or dividing land into lots: (b) the land was acquired for the purpose of person B’s business. Exclusions (3) Subsections (1) and (2) are overridden by the exclusions for residential land in section CB 16 and for business premises in section CB 19 . Defined in this Act: amount , associated person , business , dispose , income , land , year Compare: 2004 No 35 s CB 8