CB 7 Disposal: land acquired for purposes of business relating to land
Income

(1)

An amount that a person (person A) derives from disposing of land is income of person A if—

(a)

both the following apply:

(i)

at the time person A acquired the land they, or an associated person, carried on a business of dealing in land; and

(ii)

person A acquired the land for the purpose of the business; or

(b)

both the following apply:

(i)

at the time person A acquired the land they, or an associated person, carried on a business of developing land or dividing land into lots; and

(ii)

person A acquired the land for the purpose of the business; or

(c)

all the following apply:

(i)

at the time person A acquired the land they, or an associated person, carried on a business of erecting buildings; and

(ii)

person A acquired the land for the purpose of the business; and

(iii)

before or after acquiring the land person A, or the associated person, made improvements to it.

Exclusions

(2)

Subsection (1) is overridden by the exclusions for residential land in section CB 16 and for business premises in section CB 19.

Defined in this Act: amount, associated person, business, dispose, improvements, income, land

Compare: 2004 No 35 s CB 6