Section FB 8 — Income Tax Act 2007: Patent applications and patent rights

FB 8 Patent applications and patent rights When this section applies (1) This section applies for the purposes of sections CB 30 and DB 38 to DB 40 (which relate to patent applications and patent rights) when a patent application with complete specifications or a patent right is transferred on a settlement of relationship property. Transfer: part of expenditure or cost of rights (2) The transfer is treated as a disposal and acquisition for an amount that equals, as applicable,— (a) expenditure referred to in section DB 38 (Patent rights: devising patented inventions) for which the transferor is denied a deduction; or (b) the cost of the applications or rights referred to in section DB 39 (Patent rights acquired before 1 April 1993) for which the transferor is denied a deduction. Defined in this Act: amount , deduction , patent rights , settlement of relationship property , Compare: 2004 No 35 s FF 8