Section CB 25 — Income Tax Act 2007: Disposal of land with standing timber

CB 25 Disposal of land with standing timber When this section applies (1) This section applies when a person disposes of land with standing timber on it. Exclusions (2) This section does not apply when the standing timber is of 1 of the following kinds: (a) trees that are ornamental or incidental, as evidenced by a certificate given under section 44C of the Tax Administration Act 1994; or (b) trees in a crop subject to a forestry right, as defined in section 2 of the Forestry Rights Registration Act 1983, registered under the Land Transfer Act 1952 ; or (c) trees subject to a right to take a benefit (in the form of a profit a prendre) granted before 1 January 1984. Income (3) The amount that the person derives from disposing of the standing timber is income of the person. Defined in this Act: amount , dispose , income , standing timber Compare: 2004 No 35 s CB 23