Section DB 23 — Income Tax Act 2007: Cost of revenue account property

DB 23 Cost of revenue account property Deduction (1) A person is allowed a deduction for expenditure that they incur as the cost of revenue account property. No deduction (2) Despite subsection (1), a person is denied a deduction for expenditure incurred as the cost of revenue account property if— (a) [Repealed] (b) section CX 55 , CX 56B , or CX 56C (which relate to portfolio investment income) applies to income derived by the person from the disposal of the revenue account property. Link with subpart DA (3) Subsection (1) overrides the capital limitation but the general permission must still be satisfied. Subsection (2) overrides the general permission. The other general limitations still apply. Defined in this Act: capital limitation , deduction , general limitation , general permission , revenue account property , Compare: 2004 No 35 s DB 17 Section DB 23(2) heading: substituted, on 29 August 2011, by section 15(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section DB 23(2)(a): repealed, on 1 April 2010 (applying for the 2010–11 and later income years), by section 73(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 23(2)(b): amended, on 29 August 2011, by section 15(2) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section DB 23 list of defined terms portfolio investment entity : repealed (with effect on 1 April 2008), on 6 October 2009, by section 73(3) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).