Section DB 61 — Income Tax Act 2007: Surrender of certain emissions units for post-1989 forest land emissions

DB 61 Surrender of certain emissions units for post-1989 forest land emissions When this section applies (1) This section applies when a person surrenders a pre-1990 forest land emissions unit or fishing quota emissions unit to meet a liability under the Climate Change Response Act 2002 to surrender units in relation to post-1989 forest land. Treated as disposal and reacquisition (2) The person is treated as having disposed of the emissions unit to an unrelated person and as having then reacquired it, in each case immediately before the surrender and for an amount equal to the unit's market value at the time. Defined in this Act: amount , emissions unit , fishing quota emissions unit , pre-1990 forest land emissions unit , surrender Section DB 61: substituted (with effect on 1 July 2010), on 7 September 2010, by section 22 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).