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EC 44: Other bloodstock
or “Valuing bloodstock not covered by specific rules”
You could also call this:

“Minimum tax value for racehorses and breeding horses”

If you own bloodstock, which means horses used for breeding or racing, you need to know about their value for tax purposes. The law says that when you’re working out the closing value of your bloodstock at the end of the tax year, it can never be less than $1. Even if you think the horse isn’t worth anything, for tax reasons, you must say it’s worth at least $1. This rule helps make sure all bloodstock has some value on the books, even if it’s just a small amount.

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Next up: EC 46: Use of bloodstock for racing

or “Rules for treating racing bloodstock as part of your breeding business”
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Part E Timing and quantifying rules
Valuation of livestock: Definitions

EC 45Residual value of bloodstock

  1. If the closing value of any bloodstock would be less than $1 in the absence of this section, the closing value is $1.

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