Section DB 51B — Income Tax Act 2007: Adjustments for leases that become finance leases

DB 51B Adjustments for leases that become finance leases When this section applies (1) This section applies when an adjustment made under section FA 11 (Adjustments for leases that become finance leases) is negative. Deduction (2) The amount of the adjustment is a deduction of the lessor or the lessee, as applicable, in the income year in which the lease becomes a finance lease. Link with subpart DA (3) This section supplements the general permission. The general limitations still apply. Defined in this Act: deduction , finance lease , general limitation , general permission , income year , lease , Compare: 2004 No 35 s FC 8H(7) Section DB 51B: inserted, on 1 April 2008, by section 341 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).