Document ID: chunk:federal_register_of_legislation:C2024C00866:section:46b
Version: federal_register_of_legislation:C2024C00866
Segment Type: section
Provision Reference: s 46B
Character Range: 670567–671353

46B  Ordinary income from a business—treatment of trading stock
 (1) If:
 (a) a person carries on a business; and
 (b) the value of all the trading stock on hand at the end of a tax year is greater than the value of all the trading stock on hand at the beginning of that tax year;
the person's ordinary income for that tax year in the form of profits from the business is to include the amount of the difference in values.
 (2) If:
 (a) a person carries on a business; and
 (b) the value of all the trading stock on hand at the end of a tax year is less than the value of all the trading stock on hand at the beginning of that tax year;
the person's ordinary income for that tax year in the form of profits from the business is to be reduced by the amount of the difference in values.