Section EC 5 — Income Tax Act 2007: Transfer of livestock because of self-assessed adverse event

EC 5 Transfer of livestock because of self-assessed adverse event When this section applies (1) This section applies to livestock that is donated, or supplied for consideration with a value that is less than the market value of the livestock, to a recipient— (a) for use in a farming or agricultural business that is affected by a self-assessed adverse event; and (b) by a donor or supplier who is not associated with the recipient. Treatment by donor or supplier (2) The donor or supplier must treat the livestock as having, on the day of the transfer of the livestock,— (a) no value, if the livestock is donated to the recipient: (b) the value of the consideration provided by the recipient. Treatment by recipient (3) The recipient must treat the livestock as having, on the day of the transfer of the livestock,— (a) no value, if the livestock is donated to the recipient: (b) the value of the consideration provided by the recipient. Defined in this Act: market value , self-assessed adverse event , Compare: 2004 No 35 s EC 5B