Originally IRD viewed a nomination as a sale, for the Brightline Test. For example, if you purchased a rental as Joe Bloggs and/or nominee for $500,000 in May 16 and settle in May 17. At settlement, Joe nominates his Company and the property is now worth $600,000. So IRD's original view was the $100,000 gain in value was taxable under Brightline test as it was a sale within 2 year.s
IRD have retracted this view, and confirm that a nomination is not a sale for the Brightline Test.
Ross
IRD have retracted this view, and confirm that a nomination is not a sale for the Brightline Test.
Ross
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