Section EC 36 — Income Tax Act 2007: Immature livestock and recently bought livestock

EC 36 Immature livestock and recently bought livestock Immature livestock (1) This section applies to high-priced livestock that is less than 1 year old at the end of the income year in which it is bought. Recently bought livestock (2) This section also applies to high-priced livestock that is bought within 6 months of the end of an income year and, during that time,— (a) is not used for insemination, in the case of male livestock; and (b) is not used for the collection of semen; and (c) does not give birth; and (d) does not have ova removed. Closing value (3) The closing value of the high-priced livestock at the end of the income year is its cost price. Defined in this Act: cost price , high-priced livestock , income year , year , Compare: 2004 No 35 s EC 36