Section HG 10 — Income Tax Act 2007: Disposal of livestock

HG 10 Disposal of livestock When this section applies (1) This section applies when a person disposes of some or all of their partner's interests to an entering partner and section HG 3(3) applies, to the extent to which those interests include specified livestock and that specified livestock includes female breeding livestock and, for the income year, the partners use–– (a) the national standard cost scheme for specified livestock, described in section EC 22 (National standard cost scheme); or (b) the cost price method for specified livestock, described in section EC 25 (Cost price, replacement price, or market value). Entering partner's cost base (2) Section EC 26B (Entering partners' cost base) may apply to the entering partner for the purposes of determining the value of the specified livestock at the end of an income year for the purposes of section EC 2 (Valuation of livestock). Defined in this Act: amount , cost price , dispose , income year , national standard cost scheme , partner , partner’s interest , specified livestock Section HG 10: substituted (with effect on 1 April 2009), on 6 October 2009, by section 276(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).