Section CZ 20 — Income Tax Act 2007: Disposal of personal property lease asset under specified lease

CZ 20 Disposal of personal property lease asset under specified lease When this section applies (1) This section applies for the purposes of section FZ 2 (Effect of specified lease on lessor and lessee) when a personal property lease asset that is leased under a specified lease is sold, assigned or leased on or after the term of the lease. Income of lessor: when lease ends before term (2) The amount of the excess described in section FZ 2(5)(c) is treated as income derived by the lessor in the income year in which the lease is terminated. Income of lessor: when lease ends (3) The amount of the excess described in section FZ 2(7) is treated as income derived by the lessor in the income year in which the term of the lease ends. Income of lessee (4) The amount of the excess described in section FZ 2(8) is income of the lessee in the income year in which the asset is disposed of. Defined in this Act: amount , income year , lessee , lessor , personal property lease asset , specified lease , term of the lease , Compare: 2004 No 35 s FC 6(7), (8)