Section DB 14 — Income Tax Act 2007: Security payment

DB 14 Security payment When subsection (2) applies (1) Subsection (2) applies when— (a) a person receives a security payment for a loss; and (b) no other provision of this Act allows the person a deduction for the loss. Deduction: loss (2) The person is allowed a deduction for the loss quantified in section EW 51(2) (Deduction for security payment). When subsection (4) applies (3) Subsection (4) applies when— (a) a person receives a security payment for a share loss as described in section DB 24 ; and (b) the requirements of section DB 24 are met; and (c) no other provision of this Act allows the person a deduction for the loss. Deduction: share loss (4) The person is allowed a deduction for the share loss quantified in section EW 51(4) . Link with subpart DA (5) This section supplements the general permission and overrides all the general limitations. Defined in this Act: deduction , general limitation , general permission , loss , pay , security payment , supplement , Compare: 2004 No 35 s DB 11