Section EC 25 — Income Tax Act 2007: Cost price, replacement price, or market value

EC 25 Cost price, replacement price, or market value Election (1) A person may choose to value specified livestock under the cost price method, subject to the restrictions described in section EC 10 , or under the replacement price method, or under the market value method. Changing to cost price method (2) If a person chooses in an income year to change to the cost price method from another valuation method, the opening value of the affected livestock is the closing value of the livestock at the end of the previous income year determined under the method used in that previous income year. Defined in this Act: cost price , income year , specified livestock , Compare: 2004 No 35 s EC 25