Section FB 14 — Income Tax Act 2007: Specified livestock

FB 14 Specified livestock When this section applies (1) This section applies for the purposes of sections EC 6 to EC 26 (which relate to the valuation of specified livestock) when— (a) specified livestock is transferred on a settlement of relationship property; and (b) the transferor used the livestock in the carrying on of a business other than a business of dealing in livestock, and held the livestock at the start of the year of transfer; and (c) the value of the livestock is not determined under the herd scheme, see section FB 15 . Transfer at amount determined under subparts EA and EC (2) The transfer is treated as a disposal and acquisition for an amount equal to the value that the transferor determined under subpart EC (Valuation of livestock) and took into account in section EA 1 (Trading stock, livestock, and excepted financial arrangements) at the end of the income year before the year of transfer. Relationship with sections GC 1 and GC 2 (3) This section overrides sections GC 1 and GC 2 (which relate to the disposal of trading stock for inadequate consideration). Defined in this Act: amount , business , herd scheme , income year , settlement of relationship property , specified livestock , year of transfer , Compare: 2004 No 35 s FF 13(1)(a)(i), (3)