“adjusted taxable income” means taxable income calculated before applying this section and before setting off any balance of assessed loss that has been carried forward from the preceding year of assessment-

(a)     reduced by-

(i)      any amount of interest received or accrued that forms part of taxable income;

(ii)     any amount included in the income of a person as contemplated in section 9D(2);

(iii)    any amount recovered or recouped in respect of an allowance contemplated in this Act in respect of a capital asset as defined in section 19; and

(b)     with the addition of-

(i)      any amount of interest incurred that has been allowed as a deduction from income;

(ii)     any amount allowed as a deduction in terms of this Act in respect of a capital asset as defined in section 19 for purposes other than the determination of any capital gain or capital loss;

(iii)     . . . . . .

[Subparagraph (iii) deleted by section 26(1)(b) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of years of assessment commencing on or after that date]

(iv)    any qualifying distribution as defined in section 25BB that is deductible under subsection (2) of that section;

: Provided that the result of the calculation may not be less than zero;

[Definition of “adjusted taxable income” amended by section 37(1)(a) and (b) of Act 43 of 2014 and by section 41(a), (b) and (c) of Act 23 of 2018, substituted by section 19(1)(a) of Act 20 of 2021 and amended by section 26(1)(a) and (c) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of years of assessment commencing on or after that date]