Section FC 7 — Income Tax Act 2007: Transfer of prepaid property

FC 7 Transfer of prepaid property What this section applies to (1) This section applies, in the circumstances described in section FC 1(1)(a) or (b) , to a transfer of property on a person’s death for which the deceased person has, in the year of transfer, an unexpired portion of expenditure under section EA 3 (Prepayments). Unexpired prepayments (2) If section EA 3 applies to the property transferred, the property must be valued under section EA 3(4) to (7), as if the date of transfer were the end of an income year. Defined in this Act: income year , year , Compare: 2004 No 35 s FI 8