Section EI 1 — Income Tax Act 2007: Spreading backward of income from timber

EI 1 Spreading backward of income from timber When this section applies (1) This section applies when a person derives income under section CB 24 (Disposal of timber or right to take timber) or CB 25 (Disposal of land with standing timber). Timing of income (2) The person may allocate the income between the income year in which they derive it and any 1 or more of the previous 3 income years. Application (3) A person who wants to make an allocation under subsection (2) must apply in writing to the Commissioner no later than 1 year after the end of the income year in which they derive the income. Defined in this Act: Commissioner , income , income year , timber , year , Compare: 2004 No 35 s EI 1