Section EE 57 — Income Tax Act 2007: Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies

EE 57 Base value in section EE 56 when none of sections EE 58, EE 59, and EZ 22(1) applies When this section applies (1) This section applies when none of sections EE 58 , EE 59 , and EZ 22(1) (Base value and total deductions in section EE 56 : before 1 April 1995) applies. Base value (2) Base value is the cost of the item to the person. Cost (3) In this section, “ cost ” is qualified as follows: (a) expenditure is excluded from it if it is expenditure for which a person has been allowed a deduction for an amount of depreciation loss they have had under section EE 38(3) or EE 48(2) or the corresponding provision of the Income Tax Act 2004 or the Income Tax Act 1994; and (b) expenditure is not excluded from it if it is expenditure for which a person has been allowed a deduction for an amount of depreciation loss they have had under any other provision of this subpart or the corresponding provision of the Income Tax Act 2004 or the Income Tax Act 1994; and (c) expenditure is excluded from it if it is expenditure for which a person has been allowed a deduction under any other subpart or the corresponding provision of the Income Tax Act 2004 or the Income Tax Act 1994; and (d) expenditure— (i) is not excluded from it if it is described in section EZ 22(2)(a) ; and (ii) is excluded from it if it is described in section EZ 22(2)(b) . Defined in this Act: amount , deduction , depreciation loss , Compare: 2004 No 35 s EE 48