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EC 24: Methods for determining costs using national standard cost scheme
or “How the Commissioner calculates livestock costs under the national standard cost scheme”
You could also call this:

“How to value your specified livestock using cost, replacement, or market prices”

You can choose to value your specified livestock using one of three methods: cost price, replacement price, or market value. However, if you want to use the cost price method, you need to follow certain rules set out in section EC 10.

If you decide to switch to the cost price method from a different method in a particular year, you need to know how to set the starting value for your livestock. The starting value will be the same as the ending value from the previous year, based on whatever method you were using before.

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Next up: EC 26: Bailee’s treatment of livestock

or “How borrowed livestock is counted for tax purposes”
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Part E Timing and quantifying rules
Valuation of livestock: Other methods

EC 25Cost price, replacement price, or market value

  1. A person may choose to value specified livestock under the cost price method, subject to the restrictions described in section EC 10, or under the replacement price method, or under the market value method.

  2. If a person chooses in an income year to change to the cost price method from another valuation method, the opening value of the affected livestock is the closing value of the livestock at the end of the previous income year determined under the method used in that previous income year.

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