Section EE 24 — Income Tax Act 2007: Property ceasing to qualify for pool

EE 24 Property ceasing to qualify for pool If a person starts using an item of property included in a pool in such a way as to cause the item to cease to meet the requirements of section EE 66(4) , they must account for it as if, on the day they first used it in that way,— (a) they disposed of it for its market value; and (b) they immediately reacquired it for its market value. Defined in this Act: acquire , dispose , pool , property , Compare: 2004 No 35 s EE 24