Section EC 43 — Income Tax Act 2007: Accident, birth deformity, or infertility

EC 43 Accident, birth deformity, or infertility When this section applies (1) This section applies when a person has bloodstock on hand at the end of an income year whose market value is, because of accident, birth deformity, or infertility, less than 50% of what its market value would have been if the accident, birth deformity, or infertility had not occurred. Value (2) The person may value the bloodstock at its market value. Later income years (3) If the person applies subsection (2), the closing value of the bloodstock in later income years is its market value in the applicable income year. Defined in this Act: bloodstock , income year , Compare: 2004 No 35 s EC 43