4.

 

(1)     The values of livestock and produce held and not disposed of at the beginning of any year of assessment shall, subject to the provisions of sub–paragraph (2), be deemed to be –

 

(a)     in the case of a farmer who was carrying on farming operations on the last day of the year immediately preceding the year of assessment, the sum of –

 

(i)      the values of livestock and produce held and not disposed of by him at the end of the year immediately preceding the year of assessment; and

 

(ii)     the market value of livestock or produce-

 

(aa)   acquired by such farmer during the current year of assessment otherwise than by purchase or natural increase or in the ordinary course of farming operations; or

 

(bb)   held by such farmer otherwise than for purposes of pastoral, agricultural or other farming operations, which such farmer during such year of assessment commenced to hold for purposes of pastoral, agricultural or other farming operations; or

 

(b)     in the case of any person commencing or recommencing farming operations during the year of assessment, the sum of –

 

(i)      the value of any livestock or produce held and not disposed of by him at the end of the day immediately preceding the date of such commencement or recommencement; and

 

(ii)     the market value of livestock or produce (other than livestock or produce to which Subitem (i) refers)-

 

(aa)   acquired by such person during the year of assessment otherwise than by purchase or natural increase or in the ordinary course of farming operations;

 

(bb)   held by such person otherwise than for purposes of pastoral, agricultural or other farming operations, which such person during such year of assessment commenced to hold for purposes of pastoral, agricultural or other farming operations.