Section 182 | Valuation of work in progress on cessation

(1)If—

(a)a person permanently ceases to carry on a profession or vocation, and

(b)the work in progress is valued in calculating the profits of the profession or vocation,

the value must be determined in accordance with section 184 (basis of valuation of work in progress) or 185 (election for valuation at cost).

(2)If there is a change in the persons carrying on a profession, subsection (1) does not apply so long as a person carrying on the profession immediately before the change continues to carry it on after the change.

(3)If an individual carries on a profession alone or a vocation, subsection (1) does not apply if the cessation is because of the individual's death.