Section DV 11 — Income Tax Act 2007: Distribution to member of co-operative company, excluded from being dividend

DV 11 Distribution to member of co-operative company, excluded from being dividend Deduction (1) A co-operative company, or a company owned by a co-operative company, is allowed a deduction for a distribution made for an income year to a member of the co-operative company if an amount of the distribution is excluded by section CD 34B (Distributions to members of co-operative companies) from being a dividend. Amount of deduction (2) The amount of the deduction is the amount of the distribution that is excluded by section CD 34B from being a dividend. Timing of deduction (3) The deduction is allocated to the income year to which the distribution relates. Link with subpart DA (4) This section supplements the general permission. The general limitations still apply. Defined in this Act: company , co-operative company , deduction , general permission , general limitation , income year , shareholder , Compare: 2004 No 35 s DV 10B Section DV 11(1): amended (with effect on 1 April 2010), on 7 September 2010, by section 24(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section DV 11(2): amended (with effect on 1 April 2010), on 7 September 2010, by section 24(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section DV 11(3): amended (with effect on 1 April 2010), on 7 September 2010, by section 24(3) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).