Section EZ 19 — Income Tax Act 2007: Section EZ 17 amount of depreciation loss when person previously exempt from tax acquires item

EZ 19 Section EZ 17 amount of depreciation loss when person previously exempt from tax acquires item When this section applies (1) This section applies when a person who has derived nothing but exempt income— (a) starts in an income year to derive income that is not exempt income; and (b) would have had an amount of depreciation loss under section EZ 17 for an item and an income year if the person had been deriving income that was not exempt income at the time they acquired the item to which section EZ 17 applies or made a qualifying improvement to the item to which section EZ 17 applies. How qualifying capital value determined (2) The item’s qualifying capital value is determined as if the person had had an amount of depreciation loss for the period during which they derived nothing but exempt income. Defined in this Act: amount , depreciation loss , exempt income , income , income year , qualifying capital value , qualifying improvement , Compare: 2004 No 35 s EZ 18