Section CB 24 — Income Tax Act 2007: Disposal of timber or right to take timber

CB 24 Disposal of timber or right to take timber Income (1) An amount is income of a person if they derive it from— (a) disposing of timber; or (b) disposing of a right to take timber. Whether or not person owns land (2) Subsection (1) applies whether or not the person owns the land on which the timber is situated. Disposal for below market value (3) Section GC 2 (Disposals of timber rights or standing timber) may apply to treat a person as deriving an amount on the grant of a right to take timber or disposal of standing timber. Defined in this Act: amount , dispose , income , own , right to take timber , standing timber Compare: 2004 No 35 s CB 22