Category: Section 25C (ITA) – Income of insolvent estates

Section 25C

 

Section 25C inserted by section 21 of Act 28 of 1997 and substituted by section 13 of Act 5 of 2001 and section 43 of Act 45 of 2003.

Section 25C (ITA) – Income of insolvent estates

Posted on by admin_kmos

25C.    Income of insolvent estates

 

For the purposes of this Act, and subject to any such adjustments as may be necessary the estate of a person prior to sequestration and that person’s insolvent estate shall be deemed to be one and the same person for purposes of determining-

 

(a)     the amount of any allowance, deduction or set off to which that insolvent estate may be entitled;

 

(b)     any amount which is recovered or recouped by or otherwise required to be included in the income of that insolvent estate; and

 

(c)     any taxable capital gain or assessed capital loss of that insolvent estate.