Farming - Compulsory disposal
08/12/1995
Query
If a loss arises in a year as a result of an election made under this section is the loss available for set off against income?
Decision
Yes - subject to the usual restrictions in Section 662.
Income Tax
Section 668, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:IT953560
03/07/1996
Query
Do the provisions of the section apply if a partial disposal of cattle held by a farmer takes place?
Decision
No - partial disposals do not come within the provisions of the section, apart from those in relation to brucellosis as outlined in the section.
Income Tax
Section 668, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:GD94069
24/02/1997
Query
The section defines 'relevant amount' as the amount of income received as a result of a disposal of stock. In the context of this definition to what does the word income refer?
Decision
The reference to income in the definition is a reference to the total proceeds received in respect of the cattle which are compulsorily disposed of.
Income Tax
Section 668, Taxes Consolidation Act, 1997
Origin: RLS Division
File ref:GD94069A