Section EJ 1 — Income Tax Act 2007: Spreading backward of deductions for costs of timber

EJ 1 Spreading backward of deductions for costs of 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 deduction (2) The person must allocate every amount allowed as a deduction for a cost of timber to the income years to which the income is allocated under section EI 1 (Spreading backward of income from timber),

and in the same proportions as it is allocated. Defined in this Act: amount , deduction , income , income year , Compare: 2004 No 35 s EJ 1