Section CG 8 — Income Tax Act 2007: Capital contributions

CG 8 Capital contributions When this section applies (1) This section applies for the income year (the first year ) in which a person derives a capital contribution and for the 9 income years after that first year. Income (2) For an income year, the amount given by the following formula is income of the person derived in that income year: capital contribution 10. Definition of item in formula (3) In the formula, capital contribution is the capital contribution that the person derives in the first year. Exception (4) This section does not apply for the capital contribution if the person has chosen, in accordance with section DB 64(1)(c) (Capital contributions), to apply section DB 64 instead. Defined in this Act: amount , capital contribution , income , income year , return of income Section CG 8: added (with effect on 20 May 2010), on 28 May 2010 (applying for capital contributions derived after 20 May 2010), by section 75(1) of the Taxation (Budget Measures) Act 2010 (2010 No 27).