Section FB 3 — Income Tax Act 2007: Land acquired for certain purposes or under certain conditions

FB 3 Land acquired for certain purposes or under certain conditions When this section applies (1) This section applies for the purposes of sections CB 6 to CB 12 , CB 14 , CB 17 , CB 20 , and CB 23 (which relate to the disposal of land) and Part D (Deductions) when land was acquired for a purpose set out in or under the conditions set out in any of those sections, and the land is transferred on a settlement of relationship property. Transfer at cost (2) The transfer is treated as a disposal and acquisition for an amount that equals the total cost of the land to the transferor at the date of transfer. Date of acquisition (3) The transferee is treated as having acquired the land on the date it was acquired by the transferor. Further disposal (4) For the tax consequences if the transferee disposes of the land, see section FB 5 . Defined in this Act: amount , date of transfer , dispose , land , settlement of relationship property , tax , Compare: 2004 No 35 s FF 6(1)(a)