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Income Tax Act 2007

Timing and quantifying rules - Valuation of livestock - Definitions

EC 37: Bailment

You could also call this:

" Rules for farm animals include both regular and expensive livestock "

When you read about 'bailment' in [section EC 26], you should know that it's not just talking about regular farm animals. The law says that when it mentions 'specified livestock', it also means expensive animals, which are called 'high-priced livestock'. This is important because it helps you understand that the rules in that section apply to both regular farm animals and the more expensive ones.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514445.

Topics:
Environment and resources > Farming and fishing
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EC 36: Immature livestock and recently acquired livestock, or

"Valuing young or newly purchased high-priced livestock"

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EC 38: Application of sections EC 39 to EC 48, or

"Rules for valuing bloodstock for tax purposes"

Part ETiming and quantifying rules
Valuation of livestock: Definitions

EC 37Bailment

  1. In section EC 26, references to specified livestock include high-priced livestock.

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