Section EB 23 — Income Tax Act 2007: Valuing closing stock under $10,000

EB 23 Valuing closing stock under $10,000 When this section applies (1) This section applies when a person, including a low-turnover trader,— (a) has a turnover of $1,300,000 or less in an income year; and (b) reasonably estimates that the value of their closing stock for the income year is less than $10,000. Closing value (2) The person may use the opening value of their trading stock as the value of their closing stock for the income year. Defined in this Act: closing stock , income year , low-turnover trader , trading stock , turnover , Compare: 2004 No 35 s EB 23 Section EB 23 heading: amended, on 1 April 2009, by section 5(1) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5). Section EB 23(1)(b): amended, on 1 April 2009, by section 5(2) of the Taxation (Business Tax Measures) Act 2009 (2009 No 5).