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General Exemptions i 97. Incomes wholly exempt from taxation 98. Exemption' from income tax of profits derived within Eoss Dependency Assessable Income and Deductions 99. Items included in assessable income. 100. Value of board, lodging, and house allowances. 101. Power to exempt employees' allowances. 102. Income derived from use or occupation of land. 103. Assignments or settlements of income. 104. Aggregation of incomes of husband and wife. 105. Income credited m account or otherwise dealt with. 106. Capitalization of mortgage interest. 107. Deductions for repair, maintenance, and depreciation. 108. Special depreciation allowance on buildings and plant. 109. Initial depreciation allowance on farm equipment and accommodation for farm workers. 110. Deduction of certain expenditure 011 land used for farming or agricultural purposes. 111. Deductions for deferred maintenance. 112. Other deductions not permitted from assessable income. 113. Deduction of expenditure or loss from income. 114. Losses incurred may be set off against future profits. 115. Amounts remitted to be taken into account in computing income. 116. Apportionment of income received in anticipation. 117. Expenditure incurred in borrowing money or obtaining lease. 118. Deduction in respect of premium paid on account of leased machinery. 119. Year in which land tax is deductible. 120. Income derived from disposal of trading stock. 121. Valuation of trading stock, including livestock. 122. Sale of trading stock for inadequate consideration. 123. Spreading of excess income derived on sale of livestock where unduly low standard values adopted.

124. Farmers' expenditure on tree , _ „ planting. . Spreading ox income derived | rom sale of timber from mS- . n kums received from sale or patent rights. 127 ■ Deduction for sums expended on purchase or patent rights. 12 8. Deduction for patent expenses. 129. Deduction for scientific research. 130. Deduction of testamentary annuities charged on property. 13L Contributions by Ministers of the Crown to salarv pool. 132 Contributions to employees' superannuation or benefit fund. 133. Payments to employees or former employees while on naval, military, or air service. ] ,'54. Income tax and social security charge payable by members 0 f emergency force. . . „ , „ Provisions Relating to Companies and Associations 135. Companies carrying on business in Pacific islands, 136. Profits of mutual associations in respect of transactions with members. 137. Deductions in respect, of payments by certain dairy companies to rationalization reserves. 138. Assessment of banking companies. 139. Insurance companies other than life insurance companies. 140. Assessment of life insurance companies. 141. Partial exemption of life insurance companies, 142. Companies engaged in mining for gold, mercury, or scheelite. 143. Assessment of petroleum mining companies. 144. Further provisions with respect to petroleum mining companies. 145. Two or more companies with substantially the same shareholders or under the same control. 146. Liability of new companies for tax payable by former companies with substantially the same shareholders or under the same control-. 147. Floating rate of interest on debentures. 148. Interest on debentures issued in substitution for shares.

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