Section CB 8 — Income Tax Act 2007: Disposal: land used for landfill, if notice of election

CB 8 Disposal: land used for landfill, if notice of election An amount that a person derives from disposing of land is income of the person if— (a) the person uses the land as a landfill before disposing of the land; and (b) at the time of disposal, the land is not being used as a landfill; and (c) the person acquiring the land is not an associated person; and (d) the person gives written notice to the Commissioner of an election that the land be subject to this section by the day that is the later of the following: (i) the day that is 12 months after the day on which the person acquires the land: (ii) 24 June 2006; and (e) the person makes an election under paragraph (d) for all land that the person acquires and uses as a landfill; and (f) any person associated with the person makes an election under paragraph (d) for all land that the associated person acquires and uses as a landfill. Defined in this Act: associated person , Commissioner , dispose Compare: 2004 No 35 s CB 6B Section CB 8(c): substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 7(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).