Section DW 2 — Income Tax Act 2007: Bloodstock racing

DW 2 Bloodstock racing No deduction (1) A person is denied a deduction for expenditure or loss that they incur— (a) on the racing of bloodstock; or (b) in relation to the racing of bloodstock. No deduction (with exception) (2) A person is denied a deduction for expenditure or loss that they incur in preparing bloodstock for racing, except, first, when— (a) the person is in the business of breeding bloodstock; and (b) they incur the expenditure or loss in preparing for sale bloodstock that they are preparing for racing; and (c) they do not race the bloodstock on which they incur the expenditure or loss. No deduction (with exception) (3) A person is denied a deduction for expenditure or loss that they incur in preparing bloodstock for racing, except, second, when— (a) the person incurs the expenditure or loss in preparing the bloodstock for racing; and (b) they receive consideration for preparing the bloodstock for racing; and (c) the consideration is income of the person. Link with subpart DA (4) This section overrides the general permission. Defined in this Act: bloodstock , business , deduction , general permission , income , loss , Compare: 2004 No 35 s DW 2