What the official record says
This Act is the Taxation (Limited Partnerships) Act . This Act comes into force on 1 April 2008. This Part amends the Income Tax Act 2007. After section CB 27, the following is inserted: This section applies when (Disposal of livestock) applies, and— an entering partner acquires partner’s interests in livestock; and the relevant exiting partner has a net loss from the amount of consideration paid or payable by the entering partner for the livestock, ignoring other transactions. For the income year in which the entering partner acquires the livestock, the entering partner has income equal to the amount of loss described in , unless they choose to apply in the return of income for the income year. If the entering partner chooses, for the income year in which the entering partner acquires the