Section HD 20B — Income Tax Act 2007: General partners and partners carrying on with or managing business involving absentees

HD 20B General partners and partners carrying on with or managing business involving absentees Who this section applies to (1) This section applies to a person who— (a) in New Zealand carries on a business in a partnership that is not a limited partnership: (b) is a general partner of a limited partnership that carries on a business in New Zealand ignoring section HG 2 (Partnerships are transparent). Person treated as agent (2) If the person carries on the business with an absentee or, as a general partner, is responsible for the management of a limited partnership in which a limited partner is an absentee, the person is treated as the agent of the relevant absentee in relation to the absentee’s partnership share of the partnership’s income under section HG 2 . Defined in this Act: absentee , agent , business , general partner , income , limited partner , limited partnership , New Zealand , partnership , partnership share Section HD 20B: inserted, on 1 April 2008, by section 18(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section HD 20B(1) heading: inserted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63). Section HD 20B(2) heading: inserted (with effect on 1 April 2008), on 29 August 2011 (applying for the 2008–09 and later income years), by section 140(1) of the Taxation (Tax Administration and Remedial Matters) Act 2011 (2011 No 63).