Section CB 22 — Income Tax Act 2007: Farm land exclusion from section CB 14

CB 22 Farm land exclusion from section CB 14 Exclusion (1) Section CB 14 does not apply if— (a) the person ( person A ) acquired the land, and they, their spouse, civil union partner or de facto partner, or both of them used or intended to use the land mainly for the purposes of a farming or agricultural business carried on by them, their spouse, civil union partner, or de facto partner, or both of them; and (b) they disposed of the land to another person ( person B ) mainly for the purposes of the continuing use of the land in a farming or agricultural business. Purposes of acquisition for purposes of subsection (1)(b) (2) For the purposes of subsection (1)(b), person B’s purposes in acquiring the land are ascertained from circumstances of the disposal arising after person A acquired the land and other relevant matters, not including the factors described in section CB 14(1) . Defined in this Act: business , dispose , land Compare: 2004 No 35 s CB 20