Section CB 32 — Income Tax Act 2007: Property obtained by theft

CB 32 Property obtained by theft Income (1) If a person obtains possession or control of property without claim of right, an amount equal to the market value of the property is income of the person. Timing of income (2) The income is allocated to the income year in which the person obtains possession or control of the property. Whether or not constructive trust (3) Subsection (1) applies whether or not the person holds the property as a trustee under a constructive trust. Defined in this Act: amount , claim of right , income , income year , possession , property , trustee Compare: 2004 No 35 s CB 28