Document ID: chunk:federal_register_of_legislation:C2024C00866:section:52zzzl
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 52ZZZL
Character Range: 931460–933227

52ZZZL  Adjusted net primary production income
 (1) For the purposes of this Subdivision, the adjusted net primary production income of an individual for a particular tax year is the sum of:
 (a) if the individual carried on a primary production enterprise throughout that tax year—100% of the net income of that primary production enterprise for that tax year; and
 (b) if a company carried on a primary production enterprise throughout that tax year and the company was a controlled private company in relation to the individual throughout that tax year:
 (i) 100% of the net income of that primary production enterprise for that tax year; or
 (ii) if the Commission, by writing, determines a lower percentage in relation to the individual and the enterprise—that lower percentage of the net income of that primary production enterprise for that tax year; and
 (c) if a trust carried on a primary production enterprise throughout that tax year and the trust was a controlled private trust in relation to the individual throughout that tax year:
 (i) 100% of the net income of that primary production enterprise for that tax year; or
 (ii) if the Commission, by writing, determines a lower percentage in relation to the individual and the enterprise—that lower percentage of the net income of that primary production enterprise for that tax year; and
 (d) if:
 (i) a business partnership carried on a primary production enterprise throughout that tax year; and
 (ii) the individual was a partner in the partnership throughout that tax year;
  the individual's share of the net income of that primary production enterprise for that tax year.
 (2) In making a determination under this section, the Commission must comply with any relevant decision‑making principles.