26A. Inclusion of taxable capital gain in taxable income
There shall be included in the taxable income of a person for a year of assessment the taxable capital gain of that person for that year of assessment, as determined in terms of the Eighth Schedule.
26. Determination of taxable income derived from farming
(1) The taxable income of any person carrying on pastoral, agricultural or other farming operations shall, in so far as it is derived from such operations, be determined in accordance with the provisions of this Act but subject to the provisions of the First Schedule.
(2) In the case of any person who has discontinued carrying on pastoral, agricultural or other farming operations and is still in possession of any livestock or produce, or has entered into a “sheep lease” or similar agreement relating to livestock or produce, which has been taken into account and in respect of which expenditure under the provisions of this Act or any previous Income Tax Act has been allowed in the determination of the taxable income derived by such person when such operations were carried on, the provisions of this Act, but subject to the provisions of paragraphs 1, 2, 3, 4, 5, 6, 7, 9, or 11 of the First Schedule, shall continue to be applicable to that person in respect of such livestock or produce, as the case may be, until the year of assessment during which he disposes of the last of such livestock or produce, notwithstanding the fact that such operations have been discontinued.
‘member’ in the case of a fidelity or indemnity fund includes a contributor to that fund;
(1) For the purposes of this section-
‘entity’ means-
(a) any mutual loan association, fidelity or indemnity fund, trade union, chamber of commerce or industry (or an association of such chambers) or local publicity association; or
(b) any-
(i) non-profit company as defined in section 1 of the Companies Act;
(ii) society; or
(iii) other association of persons,
established to promote the common interests of persons (being members of the company, society or association of persons) carrying on any particular kind of business, profession or occupation,
approved by the Commissioner in accordance with subsection (2);
“equity share”, for the purposes of sections 42 and 44, includes a participatory interest in a portfolio of a collective investment scheme in securities or in a portfolio of a hedge fund collective investment scheme;
[Definition of “equity share” deleted by section 32 of Act 8 of 2007, inserted by section 47 of Act 17 of 2009 and substituted by section 61 of Act 25 of 2015 effective on 1 April 2015]
“domestic financial instrument holding company” ……….
[Definition of “domestic financial instrument holding company” amended by section 49 of Act 45 of 2003 and section 32 of Act 32 of 2004, substituted by s of 37 of Act 31 of 2005, amended by section 28 of Act 20 of 2006 and section 90 of Act 31 of 2013 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“disposal” means a disposal as defined in paragraph 1 of the Eighth Schedule and any deemed disposal in terms of this Part;
“date of acquisition” means the date of acquisition as determined in accordance with paragraph 13 of the Eighth Schedule or, where a person acquires an asset in terms of a transaction subject to the provisions of this Part, the deemed date of acquisition of that asset by that person as contemplated in this Part;
“company” does not include a headquarter company and, for the purposes of sections 42 and 44, includes any portfolio of a collective investment scheme in securities or any portfolio of a hedge fund collective investment scheme;
[Definition of “company” inserted by section 47 of Act 17 of 2009 and substituted by section 67 of Act 24 of 2011 and section 61 of Act 25 of 2015 effective on 1 April 2015]
“capital asset” means an asset as defined in paragraph 1 of the Eighth Schedule, which does not constitute trading stock;