(o)     at the election of the taxpayer, an amount by which the cost to that taxpayer of any depreciable asset-

 

(i)      which qualified for an allowance or deduction in terms of section 11(e), 11D, 12B, 12BA, 12C, 12DA, 12E or 37B(2)(a); and

[Subparagraph (i) substituted by section 11(1)(o) of Act 8 of 2007, by section 17(1)(d) of Act 35 of 2007, by section 25(1)(i) of Act 23 of 2018 and by section 11(1)(b) of Act 17 of 2023 effective on 1 March, 2023 and applicable in respect of assets brought into use on or after 1 March, 2023]

 

(ii)     the expected useful life of which for tax purposes did not exceed ten years as determined on the date of original acquisition,

 

exceeds the sum of the amount received or accrued from the alienation, loss or destruction, of that asset and the amount of any allowance or deduction allowed in respect of that asset in that year or any previous year of assessment or which was deemed to have been allowed in terms of section 12B(4B), 12C(4A), 12DA(4) or 37B(4) or taken into account in terms of section 11(e)(ix), as the case may be:

 

Provided that for the purposes of this paragraph-

 

(aa)   the cost of any plant, machinery, implements, utensils or articles shall be deemed to be the actual cost plus the amount by which the value of such plant, machinery, implements, utensils or articles has been increased in terms of paragraph (v) of the proviso to paragraph (e);

[Paragraph (aa) substituted by section 9 of Act 16 of 2004 and section 18 of Act 25 of 2015 effective on 8 January 2016]

 

(bb)   the actual cost of any plant, machinery, implement, utensil or article acquired by the taxpayer on or after 15 March 1984 shall be deemed to be the cost of that plant, machinery, implement, utensil or article as determined under paragraph (vii) of the proviso to paragraph (e);

 

(cc)    ……….

[Paragraph (cc) deleted by section 18 of Act 25 of 2015 effecive on 8 January 2016]

 

(dd)   ……….

[Paragraph (dd) amended by section 17 of Act 35 of 2007 and deleted by section 18 of Act 25 of 2015 effective on 8 January 2016]

 

Provided further that no election may be made in terms of this paragraph by the taxpayer if the amount received or accrued from the alienation, loss or destruction of the asset was received or accrued from a person that is a connected person in relation to the taxpayer;

 

(p)     ……….

 

(q)     ……….

 

(r)      ……….

 

(s)     ……….

 

(t)      ……….

 

(u)     ……….

 

(v)     ……….