No 39 of 1997, Section 119, Link Report

Links from Section 119
Act	Linked to	Context
Taxes Consolidation Act, 1997	sec0118.html	(1) Any expense incurred by a body corporate in the acquisition or production of an asset which remains its own property shall be disregarded for the purposes of section 118.
Taxes Consolidation Act, 1997	sec0118.html	(2) Where the making of any provision mentioned in section 118(1) takes the form of a transfer of the property in any asset of the body corporate and, since the acquisition or production of that asset by the body corporate, that asset has been used or has depreciated, the body corporate shall be deemed to have incurred in the making of that provision expense equal to the value of that asset at the time of the transfer.
Taxes Consolidation Act, 1997	sec0118.html	(3) Where an asset which continues to belong to the body corporate is used wholly or partly in the making of any provision mentioned in section 118(1), the body corporate shall be deemed for the purposes of that section to incur (in addition to any other expense incurred by it in connection with the asset, not being expense to which subsection (1) applies) annual expense in connection with the asset of an amount equal to the annual value of the use of the asset, but where any sum by means of rent or hire is payable by the body corporate in respect of the asset—
Taxes Consolidation Act, 1997	sec0118.html	(b) if the annual amount of the rent or hire is less than the annual value of the use of the asset, the rent or hire shall be disregarded for the purposes of section 118(1).
Taxes Consolidation Act, 1997	sec0118.html	(b) in the case of any other asset, 5 per cent of the market value (within the meaning of section 548) of the asset at the time when it was first applied by the body corporate in making any provision mentioned in section 118(1).
Taxes Consolidation Act, 1997	sec0548.html	(b) in the case of any other asset, 5 per cent of the market value (within the meaning of section 548) of the asset at the time when it was first applied by the body corporate in making any provision mentioned in section 118(1).
Links to Section 119 (from within TaxSource Total)
Act	Linked from	Context
	sec0014.html	(d) a benefit arising from an asset which belongs to the employer and the valuation of which is determined in accordance with subsection (3) of section 119 of the Act.
	sec0015.html	(c) a benefit arising from an asset which belongs to the employer and the valuation of which is for the purposes of income tax determined in accordance with section 119 of the Act.
Taxes Consolidation Act, 1997	sec0436.html	(4) Any reference in subsection (3) to expense incurred in or in connection with any matter shall include a reference to a proper proportion of any expense incurred partly in or in connection with that matter, and section 119 shall apply for the purposes of subsection (3) as it applies for the purposes of section 118, references to subsection (3) being substituted for references to section 118(1).
Taxes Consolidation Act, 1997	sec0811B.html	(c) Where for any year of assessment that this subsection applies, then, in relation to the provision of the loan of, or the provision of the use of, an asset referred to in paragraph (a)(i)(II), there shall, if not otherwise chargeable to income tax, be deemed to be income of that employee or former employee for that year of assessment chargeable to income tax under Case IV of Schedule D an amount equal to an amount that would, if section 118, 118A, 119, 121, 121A or 122 had applied in respect of the loan of, or the provision of the use of, that asset be deemed to be an expense, emolument or perquisite chargeable to tax under Schedule E by virtue of those sections.