Section FB 6 — Income Tax Act 2007: Timber or right to take timber

FB 6 Timber or right to take timber When this section applies (1) This section applies for the purposes of section CB 24 (Disposal of timber or right to take timber) when timber, or a right to take timber, is transferred on a settlement of relationship property. Transfer at cost of timber at date of transfer (2) The transfer is treated as if— (a) it were a disposal and acquisition for consideration; and (b) the amount of consideration were equal to the total cost of timber, or the right to take timber, to the transferor at the date of transfer. Defined in this Act: amount , cost of timber , date of transfer , right to take timber , settlement of relationship property , timber , Compare: 2004 No 35 s FF 7(1), (2)