Section DB 55 — Income Tax Act 2007: Expenditure incurred in deriving exempt dividend

DB 55 Expenditure incurred in deriving exempt dividend Deduction (1) A company that derives a dividend that is exempt income of the company under section CW 9 (Dividend derived from foreign company) is allowed a deduction of the amount of the expenditure incurred by the company in deriving the dividend. Definition of items in formula [Repealed] (2) [Repealed] Link with subpart DA (3) This section overrides the exempt income limitation. The general permission must still be satisfied and the other general limitations still apply. Defined in this Act: company , deduction , dividend , exempt income , exempt income limitation , general limitation , general permission , non-resident , shareholder , Compare: 2004 No 35 s DB 44 Section DB 55(1) heading: substituted (with effect on 30 June 2009), on 6 October 2009, by section 79(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 55(1): substituted (with effect on 30 June 2009), on 6 October 2009, by section 79(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 55(2) heading: repealed (with effect on 30 June 2009), on 6 October 2009, pursuant to section 79(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 55(2): repealed (with effect on 30 June 2009), on 6 October 2009, by section 79(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 55 list of defined terms CTR company : repealed (with effect on 30 June 2009), on 6 October 2009, by section 79(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).