Commentary on Sections Overview Chapter 3: Trade profits: basic rules Section 30: Animals kept for trade purposes
146.This section contains the basic rule for the income tax treatment of animals. It is based on paragraphs 1, 7(1) and 9(5) Schedule 5 to ICTA. The animals are treated as trading stock unless a herd basis election is made under Chapter 8 of Part 2 of this Act.