Section DV 9 — Income Tax Act 2007: Trusts

DV 9 Trusts No deduction (1) A person who derives beneficiary income is denied a deduction for expenditure or loss that a trustee incurs in deriving the income. Trustee income (2) For the purpose of determining the deductions that a trustee is allowed in an income year, beneficiary income of beneficiaries of the trust in the income year is treated as trustee income. Link with subpart DA (3) The link between this section and subpart DA (General rules) is as follows: (a) subsection (1) overrides the general permission: (b) subsection (2) supplements the general permission; the general limitations still apply. Defined in this Act: beneficiary income , deduction , general limitation , general permission , income year , supplement , trustee , trustee income , Compare: 2004 No 35 s DV 9