Tasman Forestry Ltd v Commissioner of Inland Revenue - [1999] 3 NZLR 129

Revenue — Income tax — Deductibility — Forestry — Taxpayer acquired timber by distribution in specie and forestry assets through an exchange — Whether taxpayer incurred “cost” of timber in acquisition of timber received on distribution in specie and under exchange — Income Tax Act 1976, s 74(2)(b) and (13).