Section CW 1 — Income Tax Act 2007: Forestry companies established by the Crown, Maori owners, and holding companies buying land with standing timber from founders

CW 1 Forestry companies established by the Crown, Maori owners, and holding companies buying land with standing timber from founders When this section applies (1) This section applies when a forestry company buys land with standing timber on it from a seller who is the Crown, the Maori owners, or a holding company of the forestry company. Land sold by Maori Trustee, trustee for Maori owners, or Maori incorporation (2) For the purposes of subsection (1),— (a) land sold to the forestry company by the Maori Trustee or by a trustee for a Maori owner is treated as if it had been sold by the beneficial owners: (b) land sold to the forestry company by a Maori incorporation is treated as if it had been sold by the members of the incorporation. Exempt income (3) The amount described in section CB 25(3) (Disposal of land with standing timber) is exempt income of the seller. Relationship with section DP 9 (4) Section DP 9 (Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company) deals with the cost to the forestry company of acquiring the timber. Defined in this Act: amount , exempt income , forestry company , holding company , Maori incorporation , Maori owners , standing timber , trustee , Compare: 2004 No 35 s CW 1