Section FC 8 — Income Tax Act 2007: Transfer of certain financial arrangements

FC 8 Transfer of certain financial arrangements 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 a financial arrangement on a person’s death. Financial arrangements: cash basis person (2) If the deceased person was a cash basis person and the trustee of the deceased person’s estate is a cash basis person under section EW 60(1) (Trustee of deceased’s estate), the property must be valued at cost. Defined in this Act: cash basis person , financial arrangement , trustee , Compare: 2004 No 35 s FI 11