Section FB 2 — Income Tax Act 2007: Personal property

FB 2 Personal property When this section applies (1) This section applies for the purposes of sections CB 4 (Personal property acquired for purpose of disposal) and CB 5 (Business of dealing in personal property) when personal property, or an interest in personal property, is transferred on a settlement of relationship property. Transfer at cost (2) The transfer is treated as a disposal and acquisition of the property for an amount that equals the cost of the property or, as applicable, the interest in the property, to the transferor. Further disposal treated as dealing (3) If, after the transfer, the transferee disposes of the property, they are treated in relation to the disposal as carrying on a business of dealing in the property. Defined in this Act: amount , business , settlement of relationship property , Compare: 2004 No 35 s FF 4