Section FB 5 — Income Tax Act 2007: Disposal of land

FB 5 Disposal of land When this section applies (1) This section applies for the purposes of sections FB 3 and FB 4 when the transferor and the transferee are not associated persons. Persons treated as associated (2) If the transferee disposes of the land, section CB 15 (Transactions between associated persons) applies as if the transferor and the transferee were associated persons. Land disposed of by mortgagee (3) If a mortgagee disposes of land because the transferee defaults under the mortgage, the disposal is treated as a disposal of land. Defined in this Act: associated person , dispose , land , mortgage , Compare: 2004 No 35 s FF 6(1)(a)(iv), (b)(iv), (2)