Section FB 7 — Income Tax Act 2007: Land with standing timber

FB 7 Land with standing timber When this section applies (1) This section applies for the purposes of section CB 25 (Disposal of land with standing timber) when— (a) land with standing timber on it is transferred on a settlement of relationship property; and (b) the standing timber does not consist of ornamental or incidental trees, as evidenced by a certificate given under section 44C of the Tax Administration Act 1994. 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 to the transferor at the date of transfer. Defined in this Act: amount , cost of timber , date of transfer , land , settlement of relationship property , standing timber , timber , Compare: 2004 No 35 s FF 7(3), (4)