Section DP 9 — Income Tax Act 2007: Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company

DP 9 Cost of acquiring timber: forestry business on land bought from the Crown, Maori owners, or holding company When this section applies (1) This section applies when a forestry company buys land with standing timber on it from a seller who is the Crown, the Maori owners, or a holding company of the forestry company. Sellers of Maori land (2) For the purposes of subsection (1),— (a) land sold to the forestry company by the Maori Trustee or by a trustee for a Maori owner is treated as if it had been sold by the beneficial owners: (b) land sold to the forestry company by a Maori incorporation is treated as if it had been sold by the members of the incorporation. Cost of acquiring timber (3) The cost to the forestry company of acquiring the timber is the lesser of— (a) the cost of the timber to the seller at the date of the sale; and (b) the amount described in section CB 25(3) (Disposal of land with standing timber). Defined in this Act: business , forestry business , forestry company , holding company , Maori incorporation , Maori owners , standing timber , trustee , Compare: 2004 No 35 s DP 8 Section DP 9 list of defined terms forestry business : inserted (with effect on 1 April 2008), on 7 December 2009, by section 126 of the Taxation (Consequential Rate Alignment and Remedial Matters) Act 2009 (2009 No 63).