Section DP 6 — Income Tax Act 2007: Forestry encouragement agreement: no deduction

DP 6 Forestry encouragement agreement: no deduction No deduction (1) A person who has made a forestry encouragement agreement under the Forestry Encouragement Act 1962 is denied a deduction for an amount equal to the amount from which they are relieved in the following circumstances: (a) an advance is made to the person under the agreement; and (b) the advance is exempt income of the person under section CW 2 (Forestry encouragement agreements); and (c) the person is later relieved from some or all of their liability to repay the principal. Link with subpart DA (2) This section overrides the general permission. Defined in this Act: amount , deduction , exempt income , general permission , pay , Compare: 2004 No 35 s DP 5