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CB 32: Property obtained by theft
or “Tax rules for stolen property”
You could also call this:

“Tax responsibilities for people who own part of a look-through company”

If you have an effective look-through interest in a look-through company, you might have to pay income tax. This happens when the rules in subpart HB about look-through companies or section HZ 8 about valuing things in the past apply to you and your look-through company. The amount of income you have depends on how these rules affect your situation.

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Next up: CB 32C: Dividend income for first year of look-through company

or “How to calculate dividend income when a company becomes a look-through company”
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Part C Income
Income from business or trade-like activities: Exclusion for investment land

CB 32BOwners of look-through companies

  1. A person who has an effective look-through interest for a look-through company has an amount of income to the extent to which an amount of income results from the application of subpart HB (Look-through companies) or section HZ 8 (Retrospective transitional provision for market valuation under section HB 4) to them and the look-through company.

Notes
  • Section CB 32B: inserted, on (applying for income years beginning on or after 1 April 2011), by section 26(1) of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).
  • Section CB 32B: amended, on , by section 13 of the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017 (2017 No 14).