Section LK 13 — Income Tax Act 2007: Use of credits by amalgamated company

LK 13 Use of credits by amalgamated company When this section applies (1) This section applies when an amalgamating company ends its existence on a resident’s restricted amalgamation and the company has a tax credit under this subpart that— (a) has not otherwise been used by the amalgamating company before the date of amalgamation: (b) if treated as a credit remaining for a tax year under section LA 4(1) (When total tax credit more than income tax liability), could be made available to each of the amalgamated company, unless it is a company incorporated only on amalgamation, and a company that is amalgamated with the amalgamated company. Amalgamated company’s credit (2) The tax credit is treated as a credit of the amalgamated company for the tax year in which the amalgamation occurs. Defined in this Act: amalgamated company , amalgamating company , company , resident’s restricted amalgamation , tax credit , tax year , Compare: 2004 No 35 s LC 8