War-time Profits Tax Regulations 1917
38Value of live stock
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38. (1) For the purposes of the Act the value of live stock on hand at the beginning and end of an accounting period shall be calculated on the basis of the cost price of the stock.
(2) The cost price of natural increase and the cost price of other stock for which the cost price cannot be stated by the taxpayer shall be deemed to be the fair average values as determined by the Commissioner.
(3) Where live stock is purchased during an accounting period and is kept separate and apart from any other stock owned by the taxpayer, it shall be valued at the purchase price at the beginning and end of each accounting period during which it is retained.
(4) Where live stock, which has been purchased, is merged into and becomes part of the general flock or herd of live stock owned by the taxpayer, the stock remaining on hand at the end of the accounting period in which the purchases were made shall be valued in the case of the first accounting period to which this Regulation applies at the average cost per head as ascertained by—
(a) taking the stock on hand at the beginning of the accounting period at the actual cost if obtainable, or, if not obtainable, at the fair average value as determined by the Commissioner under Sub-regulation (2) of this Regulation, together with—
(b) the natural increase at the fair average value as determined by the Commissioner under Sub-regulation (2) of this Regulation; and
(c) the stock purchased during the accounting period at the purchase price of that stock;
and in each succeeding accounting period shall be valued at the average cost arrived at under this Sub-regulation for the last preceding accounting period together with the natural increase at the fair average value
as determined by the Commissioner under Sub-regulation (2) of this Regulation and the stock purchased during the accounting period at the purchase price of that stock.
(5) All live stock which have died, or have been killed for food during the accounting period shall be valued at the average cost for the stock on hand at the end of the accounting period arrived at under Sub-regulation (4) of this Regulation.