Section 225J: Valuation where appropriation to refining etc
715.This section imposes a market value in a case where an oil producer does not sell the oil to another party but takes it into use in another of its businesses, such as refining, and where the PRT rules do not apply. It is based on section 493(4), (5) and (6) of ICTA.
716.In such a case the same calculation of market value is made using the PRT rules as if the PRT rules had applied to the appropriation.