Section EC 2 — Income Tax Act 2007: Valuation of livestock

EC 2 Valuation of livestock Valuation method (1) A person must determine the value of their livestock at the end of each income year by a method that is available under this subpart for them to use. Use of value (2) The value determined under subsection (1) is— (a) the closing value of the livestock for the income year for the purposes of section CH 1 (Adjustment for closing values of trading stock, livestock, and excepted financial arrangements); and (b) the opening value of the livestock for the next income year for the purposes of section DB 49 (Adjustment for opening values of trading stock, livestock, and excepted financial arrangements). Defined in this Act: income year , Compare: 2004 No 35 s EC 2