Section EE 19 — Income Tax Act 2007: Cost: fixed life intangible property

EE 19 Cost: fixed life intangible property When this section applies (1) This section applies when— (a) a person owns an item of fixed life intangible property; and (b) the person incurs additional costs in an income year for the item; and (c) the person is denied a deduction for the additional costs other than a deduction for an amount of depreciation loss. Additional costs for fixed life intangible property (2) For the purposes of the formula in section EE 16 , the item’s cost at the start of the income year is treated as being the total of— (a) the item’s adjusted tax value at the start of the income year; and (b) the additional costs the person incurs. Defined in this Act: adjusted tax value , amount , deduction , depreciation loss , fixed life intangible property , income year , own , Compare: 2004 No 35 s EE 19