Section GC 2 — Income Tax Act 2007: Disposals of timber rights or standing timber

GC 2 Disposals of timber rights or standing timber When section GC 1 applies (1) Section GC 1 applies to each of the following disposals as if it were a disposal of trading stock— (a) a grant of a right to take timber, other than in favour of the grantor: (b) a disposal of standing timber as part of the disposal of the land on which it stands, other than a disposal subject to a right in favour of the seller to take timber. Exclusion (2) Subsection (1) does not apply to a disposal of land with standing timber if the disposal is within 1 of the exclusions in section CB 25(2) (Disposal of land with standing timber). Limitation (3) Section GC 1(4) does not apply if the disposal is of land with standing timber subject to a right to take timber. Defined in this Act: timber , , trading stock Compare: 2004 No 35 s GD 1(2), (3A) Section GC 2(3): amended (with effect on 1 April 2008), on 7 September 2010 (applying for the 2008–09 and later income years), by section 55(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).