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GC 2: Disposals of timber rights or standing timber
or “How tax applies when you sell timber rights or land with standing timber”
You could also call this:

“Rules for life insurers selling property as part of their business”

If you’re a life insurer, Section GC 1 applies when you sell any property as part of your life insurance business. This rule treats the property as if it were trading stock, but it doesn’t include financial arrangements. This means the government looks at these sales in a specific way for tax purposes. It’s important to know that this rule affects how your business transactions are viewed when it comes to paying taxes.

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Next up: GC 3B: Disposals of emissions units

or “Rules for selling or giving away emissions units”
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Part G Avoidance and non-market transactions
Market value substituted

GC 3Disposals by life insurers

  1. Section GC 1 applies to a life insurer that disposes of any property, other than a financial arrangement, in the course of their business of life insurance, as if the property were trading stock.

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