Section EJ 16 — Income Tax Act 2007: Disposal of petroleum mining asset to associate

EJ 16 Disposal of petroleum mining asset to associate When this section applies (1) This section applies when, in an income year, a petroleum miner disposes of a petroleum mining asset to— (a) a person associated with the miner: (b) a person who holds the asset for the miner: (c) a person who holds the asset for a person associated with the miner. Amount of deduction (2) The maximum amount that may be allocated under section EJ 15 to the income year is the amount that would be the net income of the petroleum miner in the income year if their only income were from the disposal. Defined in this Act: amount , associated person , dispose , income , income year , net income , petroleum miner , petroleum mining asset , Compare: 2004 No 35 s EJ 14