Section FB 18 — Income Tax Act 2007: Bloodstock

FB 18 Bloodstock When this section applies (1) This section applies for the purposes of section EC 41 (Reduction: bloodstock not previously used for breeding in New Zealand) when bloodstock is transferred on a settlement of relationship property. Use for breeding purposes in New Zealand (2) If the bloodstock has been used for breeding purposes in New Zealand by the transferor, then for valuation purposes by the transferee and the amount of reduction applying to the value of an animal, the bloodstock is treated as not having been used for breeding purposes in New Zealand by the transferor. Defined in this Act: amount , bloodstock , New Zealand , settlement of relationship property , Compare: 2004 No 35 s FF 12