Section EB 18 — Income Tax Act 2007: Costs: other stock of low-turnover traders

EB 18 Costs: other stock of low-turnover traders When this section applies (1) This section applies when a low-turnover trader— (a) acquires trading stock other than by manufacture or production; and (b) determines the value of their closing stock at cost. Costs to be included (2) In determining the value of their closing stock, the low-turnover trader must include the following costs: (a) the purchase price; and (b) any direct transport and insurance costs that they incur in bringing the stock to the place and condition in which they have it. Defined in this Act: closing stock , cost , low-turnover trader , , trading stock Compare: 2004 No 35 s EB 18