Section FC 6 — Income Tax Act 2007: Forestry assets transferred to close relatives

FC 6 Forestry assets transferred to close relatives What this section applies to (1) This section applies in the circumstances described in section FC 1(1)(a) or (b) when forestry assets are transferred on a person’s death to a close relative of the person. Forestry assets (2) A transfer of a forestry asset, including any intervening transfer to an executor or administrator, is treated as a transfer of property on a settlement of relationship property for the purposes of subpart FB (Transfers of relationship property). Meaning of forestry assets (3) In this section, forestry assets means timber, standing timber, or a right to take timber. Defined in this Act: close relative , forestry assets , right to take timber , settlement of relationship property , standing timber , timber , Compare: 2004 No 35 s FI 6