Section EX 8 — Income Tax Act 2007: Income interests: total of direct and indirect interests

EX 8 Income interests: total of direct and indirect interests Calculation of income interest (1) A person’s income interest in a CFC at any time is the total of the following: (a) any direct income interest that the person holds in the CFC: (b) any indirect income interest that the person holds in the CFC. Avoidance arrangements (2) Any of the following sections may apply to the calculation of a person’s income interest: (a) section GB 9 (Temporary disposals of direct control or income interests): (b) section GB 10 (Temporary acquisitions of direct control or income interests): (c) section GB 11 (Temporary increases in totals for control interest categories): (d) section GB 12 (Temporary reductions in totals for control interest categories): (e) section GB 13 (When combination of changes reduces income): (f) section GB 14 (When combination of changes increases loss). Defined in this Act: CFC , control interest category , direct control interest , direct income interest , income , income interest , indirect income interest , Compare: 2004 No 35 s EX 8