Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
EE 1: What this subpart does
or “This subpart explains how to calculate depreciation loss and recovery income for property”
You could also call this:

“Explaining what it means to own something that can lose value”

When you own something that can lose value over time, it means you have legal or equitable ownership of it. This includes other types of ownership described in sections EE 3 to EE 5.

If more than one person owns an item that can lose value over time, your ownership means the share or interest you have in that item.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

Next up: EE 3: Ownership of goods subject to reservation of title

or “Delayed ownership for items bought on credit”
Next

Part E Timing and quantifying rules
Depreciation

EE 2Nature of ownership of item

  1. Own, for the ownership of depreciable property,—

  2. means legal or equitable ownership; and
    1. includes ownership of the kinds described in sections EE 3 to EE 5.

      1. When more than 1 person owns an item of depreciable property, own means the interest that the person has in the item.

      Compare