Section EC 20 — Income Tax Act 2007: Herd livestock disposed of before values determined

EC 20 Herd livestock disposed of before values determined When this section applies (1) This section applies when, in an income year, a person— (a) stops deriving income from specified livestock; and (b) disposes of herd livestock before the 1 February that precedes the determination of the national average market values for the income year; and (c) gives notice to the Commissioner before that 1 February that they choose that this section applies to the valuation of the herd livestock. Value of herd livestock (2) The value of herd livestock that is disposed of is either the herd value of the livestock for the previous income year or, if the person has adopted a herd value ratio, the herd value multiplied by the herd value ratio applying in the previous income year. Defined in this Act: Commissioner , herd livestock , herd value , herd value ratio , income , income year , national average market value , notice , specified livestock , Compare: 2004 No 35 s EC 20