Section CH 1 — Income Tax Act 2007: Adjustment for closing values of trading stock, livestock, and excepted financial arrangements

CH 1 Adjustment for closing values of trading stock, livestock, and excepted financial arrangements When this section applies (1) This section applies when a person has some or all of the following at the end of an income year: (a) trading stock valued under subpart EB (Valuation of trading stock (including dealer’s livestock)): (b) livestock valued under subpart EC (Valuation of livestock): (c) excepted financial arrangements that are revenue account property valued under subpart ED (Valuation of excepted financial arrangements): (d) a share supplier’s share-lending right, if the original shares that relate to the right are excepted financial arrangements described in paragraph (c). Income: closing value of trading stock (2) The value of the trading stock, calculated under section EB 3 (Valuation of trading stock), is income of the person in the income year. Income: closing value of livestock (3) The value of the livestock, calculated under section EC 2 (Valuation of livestock), is income of the person in the income year. Income: closing value of excepted financial arrangements (4) The value of the excepted financial arrangements or share-lending right, calculated under section ED 1 (Valuation of excepted financial arrangements), is income of the person in the income year. Defined in this Act: excepted financial arrangement , income , income year , original share , revenue account property , share-lending right , share supplier , trading stock Compare: 2004 No 35 s CH 1