Section EE 58 — Income Tax Act 2007: Base value in section EE 56 when no previous deduction

EE 58 Base value in section EE 56 when no previous deduction When this section applies (1) This section applies when all the following apply to the item: (a) it is not a building; and (b) it is not an item of petroleum-related depreciable property; and (c) it is not an item that the person— (i) acquired to use or have available for use in deriving assessable income or carrying on a business for the purpose of deriving assessable income; and (ii) first used for the purpose of deriving assessable income or carrying on a business for the purpose of deriving assessable income; and (d) it has been, since the person acquired it and first used it or had it available for use for any purpose, an item for which the person could not in any income year have been allowed a deduction for an amount of depreciation loss, whether because of the nature of the person’s use of the item or the person’s non-residence or for any other reason; and (e) in relation to the 1992–93 income year,— (i) it was acquired by the person after the end of that income year; or (ii) it was an item described in section EZ 22(3) (Base value and total deductions in section EE 56 : before 1 April 1995). Base value (2) Base value is the item’s market value when the person starts to use it, or to have it available for use, for the purpose of deriving assessable income or carrying on a business for the purpose of deriving assessable income. Defined in this Act: acquire , amount , assessable income , building , business , deduction , depreciation loss , income year , petroleum-related depreciable property , Compare: 2004 No 35 s EE 49 Section EE 58 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).