Section CB 31 — Income Tax Act 2007: Sale of business: transferred employment income obligations

CB 31 Sale of business: transferred employment income obligations When this section applies (1) This section applies when section DC 10 (Sale of business: transferred employment income obligations) applies and the reduction in the consideration is more than the amount the buyer actually pays for the transferred obligation. Income (2) The excess is income of the buyer. Timing of income (3) The income is allocated to the income year in which the reduction of the transferred provision is required to be recognised by the buyer under generally accepted accounting practice. Defined in this Act: amount , generally accepted accounting practice , income , income year , pay Compare: 2004 No 35 s CB 27