Section EC 32 — Income Tax Act 2007: Application of sections EC 33 to EC 37

EC 32 Application of sections EC 33 to EC 37 Sections EC 33 to EC 37 (1) Sections EC 33 to EC 37 set out the rules for valuing high-priced livestock. Person chooses valuation method (2) A person may choose to use either the straight-line method or the diminishing value method to value high-priced livestock. Diminishing value method (3) If the person chooses to use the diminishing value method, they must give notice to the Commissioner that they are using the method at the time of filing their return of income for the first income year in which the value of the high-priced livestock is determined under section EC 34 . The person cannot revoke their election to use the diminishing value method for the livestock. Defined in this Act: Commissioner , high-priced livestock , income year , notice , return of income , Compare: 2004 No 35 s EC 32