Section EE 11 — Income Tax Act 2007: Calculation rule: income year in which item disposed of

EE 11 Calculation rule: income year in which item disposed of Generally no amount of depreciation loss (1) A person does not have an amount of depreciation loss for an item of depreciable property for the income year in which they dispose of it. Exclusion: building or petroleum-related depreciable property (2) A person has an amount of depreciation loss for an item of depreciable property for the income year in which they dispose of it, if it is— (a) a building; or (b) an item of petroleum-related depreciable property. Exclusion: empty pool (3) A person has the amount of depreciation loss calculated under section EE 22 (4)(a) for an income year for a disposal to which the subsection applies. Exclusion: consideration less than adjusted tax value (4) A person has the amount of depreciation loss calculated under section EE 48(2) for a disposal or event to which the subsection applies. Exclusion: item partly used for business (5) A person has the amount of depreciation loss calculated under section EE 50(6) for a disposal or event to which the subsection applies. Exclusion: recent acquisition of item partly used for business (6) A person has the amount of depreciation loss calculated under section EE 50(9) for a disposal or event to which the subsection applies. Defined in this Act: building , adjusted tax value , amount , business , depreciable property , depreciation loss , dispose , income year , petroleum-related depreciable property Compare: 2004 No 35 s EE 11 Section EE 11 list of defined terms building : inserted (with effect on 30 July 2009), on 28 May 2010, by section 84 of the Taxation (Budget Measures) Act 2010 (2010 No 27).